Nifty was sideways today with moderate volumes and neutral breadth.Important points for today.
1.Nifty up by 0.2% with 1.4 breadth.
2.64th day of rally since the lows of 4786(33 days of downturn).
Nifty was in sideways range today.So since 3 days Nifty is in about 50 points range of 5500-5550.Breadth is neutral to marginally +ve.This indicates weak momentum of the upside rally.With today's closing there is a topping pattern in place.If nifty corrects below 5400 from here, than that would confirm the top being formed today.Number of days of rally also point to Nifty being at close to the top of this leg of rally,Which may or may not be the last leg also.
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