Nifty closed above 5800 today with high volumes(being expiry day) but neutral breadth. Important points for today.
1.Nifty up by 0.9% with 1.0 breadth.
2.34th day since the lows of 5177,100th day since the highs of 6338.
Nifty has closed above 5800 and today was the 8th consecutive up day.This rally is the longest daily upmove without a single pause/correction in 8 days since the bull market from Mar09.I see this upmove as part of sideways/corrective movement from 5177,so i assume this move should likely be capitulating move before an impulsive downmove begins.Since this upmove is turning out to be really stretched,so if down impulse starts after this,it too should be very fast.Nifty price action is not giving any signal of exhaustion of this rally but breadth is indicating of approaching exhaustion.The previous rally from 4786 lasted for 117 days,so for medium term correction(going since Nov'10) I expect that the final downleg should be over within next 20-25 days(ie 120-125 days).
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