Nifty moved up and edged above 5750 with low volumes and +ve breadth.Important points for today.
1.Nifty up by 0.8% with 1.35 breadth.
2.15th day since 6181,54th day since the highs of 6338.
Nifty was in range of 5700-5760 but closed below 5750 levels.The 2 day move from 5863-5654 looks corrective to me but if that is impulsive then Nifty may have bottomed out in 5620-5650 zone.So if the move from 6181 has ended in 10 days, then Nifty may be in an upmove for about the same number of days possibly upto 6000 levels.
On medium term,I still don't see that correction from 6338 is done, so the upmove will be the 5th leg of the corrective structure and if last one,there should be a follow up impulsive move down for lower targets.
No comments:
Post a Comment