Nifty was rangebound today with low volumes and +ve breadth. Important points for today.
1.Nifty up by 0.4% with 2.0 breadth.
2.98th day since the lows of 5177,164th day since the highs of 6338,51st day since the swing highs of 5906.
Nifty moved in a narrow range of 46 points today.Today was 10th day since the swing lows of 5195.Short term trend is up but I see this upmove as sideways move within a medium term downtrend.Nifty made an impulsive move of 9 days from 5906 -5443.Since then I see Nifty's move as sideways with -ve bias.So I expect Nifty to make an impulsive downswing before it enters into medium term up.
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