Nifty moved past 5700 today with moderate volumes and neutral breadth. Important points for today.
1.Nifty up by 0.6% with 0.9 breadth.
2.31st day since the lows of 5177,97th day since the highs of 6338.
Nifty crossed 5700 levels after many weeks but closed below it.The short term upmove since 5348 may be nearing its end since Nifty is in strong resistance zone of 5650-5750.Today's range was 66 points.Since Nifty is 5 days into this upmove ,I don't expect Nifty can cross the resistance zone in this attempt.Short term correction is due for Nifty.But if the medium term correction since 5177 is complete then Nifty may begin its impulsive downleg also, inwhich case 5200 levels will be taken out on the first downfall.
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