Nifty continued its upturn crossing 5850 with high volumes and -ve breadth.Important points for today.
1.Nifty up by 1.1% with 0.65 breadth.
2.80th day of rally since the lows of 4786(33 days of downturn).
3.10th day of rally from 5402/5350.
Nifty continued its upsurge but the breadth stayed -ve.This breakout rally is different in the sense that breadth is neutral to -ve on this breakout.Sustenance of this rally should be seen for 2-3 weeks before hoping onto this rally for bigger upmoves.The other scenario being that if this is the last freakout rally,then on reversal Nifty should slide down below previous short/medium term swing lows.I see the chances of Nifty breaking down from here high going into expiry and the week after that.My natural indicator observation is for a straight line fall to a new medium term bottom,that is below the previous medium term bottom range of 4500-4800.
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