Nifty gapped up and closed above 5350 levels with high volumes and +ve breadth. Important points for today.
1.Nifty up by 3.2% with 2.0 breadth.
2.241st day sine the highs of 6338,41st day since the lows of 4720,51 weeks since the 6338 highs.
Nifty did a strong +ve close above the gap area.This was 9th week since the lows of 4747(4720).Retest of 4700 on weekly basis is still on the cards in next 4-6 weeks timeframe(~55 weeks) if Nifty stalls around 5500 or below levels.But if Nifty goes beyond 5600 levels, then I would say Nifty is undergoing ABC corrective of the 42 week fall from 6338-4720. So above 5600 levels ,I would expect Nifty to come down to ~5000 levels for B wave then.Nifty's range for this month/quarter is 671 points till now.
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