Nifty moved up in sideways manner making a new high but on moderately higher volumes and neutral breadth.Important points for today.
1.Nifty up by 0.3% with 0.9 breadth.
2.88th day of rally from lows of 4786.
3.18th day of rally from 5350/5402.
Nifty has reached the upper end of the rally in terms of days taken ie 18 days.Also momentum is waning with each rise, indicating Nifty is ready to undergo correction of this 700 point rally now from 5350.There are two three scenarios that I have for the correction, but the minimum retracement that I think is around 5700 levels before a bounce.Break of previous swing low of 5932 will confirm the onset of short term correction.
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