Nifty moved further up making new highs with moderate volumes and neutral breadth.Important points for today.
1.Nifty up by 0.5% with 1.0 breadth.
2.With Nifty crossing the previous highs,last 8 days are part of the rally from 4786,so its 51 days of rally from 4786.
Nifty made new highs but the breadth was neutral.In last 3 days of rally, breadth has been neutral to marginally +ve.This indicates lack of conviction and caution among the people.This is the 5th Wave of the rally from 4786 that seems to be extended wave.Nifty has tested 20sma 3 times now,so another test of 20sma should likely be a reversal in the trend.
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