Nifty surged above 6100 today with high volumes and +ve breadth.Important points for today.
1.Nifty up by 1.9% with 2.7 breadth.
2.92 day of rally since the lows of 4786.
3.22nd day of rally since 5350/5402.
4.5th consecutive up week for Nifty.
Nifty continues its march upward.Todays action was good momentum with +ve breadth and volumes unlike yesterday.Nifty's rally today has turned into +ve breadth from weak to -ve breadth since many days.Such a transition occuring on 22nd day of a mature rally points towards rally heading towards capitulation because Nifty has not yet undergone any significant(2 or more bars) daily correction.Though Nifty can run more and make a new high above 6357 from here,I would like to wait for a daily correction before initiating any short or long position.
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