Nifty moved past the resistance levels of 5170 and closed above it. Important points for today.
1.Nifty up by 1.9% with 0.9 breadth.
2.239th day since the highs of 6338, 39th day since the lows of 4720.
Nifty has finally broken out of 5170 on upside.I would look for momentum in Nifty now above 5170 to see how long this breakout can last.Nifty has broken 450 point sideways range(4720-5170), so next logical target comes out to ~5600 levels.But this breakout can also be the last upmove and Nifty may be topping out here and could move towards 4700 level in slow motion manner in 2 months.
No comments:
Post a Comment