Nifty drifted sideways to down with higher volumes and +ve breadth.Important points for today.
1.Nifty up by 0.4% with 1.4 breadth.
2.8th day since the short term lows of 5937 and 119th day since the medium term lows of 4786.
Nifty it seems is undergoing short term correction.Nifty could fall by 2-4% in next few days and then bounce up to make new highs.After a 4 week correction ,Nifty moved up by ~5% last week,so that points to an impulsive move on weekly basis.Thus Nifty's current impulsive move should continue till there is a crack of 2-3% on weekly basis.I expect here Nifty to move up atleast till expiry and then undergo some weekly correction in early december or so.
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