Nifty bounced above 5500 today with low volumes and neutral breadth. Important points for today.
1.Nifty up by 1.1% with 1.4 breadth.
2.67th day since the lows of 5177,133rd day since the highs of 6338.
3.20th day since the swing highs of 5906.
Nifty closed above 5450 after staying below it for 3 days.Unless Nifty moves above 5650 and closes above it in next 1-3 days ,this is Just a dead cat bounce to be followed by a fall towards the earlier lows of 5177 or below.This was 4th consecutive down week of Nifty.Nifty remains in medium term downtrend.
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