Nifty bounced up above 5500 making new yearly highs with higher volumes and +ve breadth.Important points for today.
1.Nifty up by 1.1% with 1.5 breadth.
2.62nd day of rally since the lows of 4786(33 days of downturn).
Nifty moved up strongly but the breadth was only slightly +ve.Today was second day of rally after the brief correction and todays closing was above the previous intraday highs.Since we have seen 4-6 days of upmove in a rally in the last 30 days,so I expect that this upmove should slow down now on its upward ascent.Counts will be considered once the Nifty shows signs of short term correction to 5ema.Break below 5400 should indicate onset of correction of the rally from 4786.Also from no of days,this rally should be near to completion.
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