Nifty moved up above 5900 but closed below it with higher volumes and neutral breadth. Important points for today.
1.Nifty up by 0.6% with 0.8 breadth.
2.47th day since the lows of 5177,113th day since the highs of 6338.
Nifty was positive but in a very narrow range of 48 points.Breadth too was -ve. Today was 3rd consecutive day of upmove indicating that the current move since 5693 is likely an impulsive move(though it may be impulse in a corrective wave also).Close beyond 5950 should confirm the move as impulsive move.I expect a medium term reversal when the impulsive move ends.On the downside 5600-5650 will be deciding zone and if Nifty breaks down from there , that would likely confirm a medium term reversal.
No comments:
Post a Comment