Nifty bounced above 6100 level today with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 2.0% with 2.25 breadth.
2.6th day since the highs of 6284.
3.Nifty closed above 5ema/20sma after 4 days.
Nifty's bounce today may either be a one day affair or it may be few days of correction to the downtrend or a new bullish wave.Nifty breadth was 48/2 indicating extreme.This to me indicates that Nifty can reverse all of the gain tomorrow and if that happens the chances of big fall will be high early next week.But if Nifty closes above 6100 levels but below 6143 then Nifty may well be undergoing correction to the downtrend for next few days.But if Nifty continues todays surge with a closing above 6150, then Nifty will likely make new highs in the coming days.Tomorrow being weekly closing, its going to be important.
No comments:
Post a Comment