Nifty opened gap up and traded sideways within a narrow range with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.1% with 2.1 breadth.
2.23rd day since the lows of 5177,89th day since the highs of 6338.
Nifty traded in a very narrow range after being in 90-100 point range for last two days.Tomorrow being Monetary Policy,I expect Nifty to make a big swing decisively.I am biased towards the upside,since Nifty has been in sideways mode of 5370-5600 for last 8 days.Breach of 5600 on upside will throw open two possibilities-i)Larger upside upto 6000 if Nifty shows good strength above 5600 OR ii) False breakout leading to suckers rally followed by drop down to sub 5000 levels.
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