Nifty was in sideways move with upward bias with high volumes and +ve breadth. Important points for today.
1.Nifty up by 0.65% with 1.6 breadth.
2.95th day of rally since the lows of 4786.
3.25th day of rally since 5350.
Nifty is extending its rally and not giving up easily, belying all expectations of correction.But Nifty's state is quite stretched and momentum is not so strong in the last few days.I would expect Nifty to exhaust itself while rallying and thus would appear signs of reversal.Since October last week has seen some of the bottoms for the Nifty correction,I would look for the signs of exhaustion in Nifty now.My most probable scenario for Nifty is for a cut to ~5200.
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