Nifty extended its upmove by breaking above 5600 with higher volumes and neutral breadth.Important points for today.
1.Nifty up by 0.5% with 1.15 breadth.
2.75th day of rally since the lows of 4786(33 days of downturn).
Nifty broke above 5600 and closed above it also.Breadth was weak today indicating not much upside in this move of rally now.On the weekly RSI chart,the wave structure appears to be extended Wave3 that is now followed by Wave5.Wave1 was about 310 points ,so Wave5 can be around that since Wave3 is longest and extended wave.Till now Wave5 is ~275 points.So this weekly closing could be above 5600,thus maintaining equality between Wave1 and Wave5.Break of 5350 only will confirm the reversal of Nifty.
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