Nifty bounced up after the 4 days of correction with high volumes and +ve breadth. Important points of today.
1.Nifty up by 2.35% with 2.2 breadth.
2.100th day of rally since the lows of 4786.
3.30th day since the previous swing low 5350.
Nifty bounced and made a new yearly high and closed above 6200 levels.The breadth was good but not very strong indicating Nifty will move further up with moderate price action for another few days.In 6300-6400 range,Nifty's rally from Mar09 will reach equivalence with the fall from Jan08-Oct08 on weekly and daily basis.I would look for a breach of the low of 6057 as the signal for medium term reversal now.I expect Nifty to have +ve weekly closing this week and next week at the least.Any weekly closing at the middle or lower end of the weekly range would be early signs of reversal for Nifty.
No comments:
Post a Comment