Nifty moved up with high volumes and +ve breadth to close above 5100. Important points for today.
1. Nifty up by 1.6% with 1.6 breadth.
2. 300th day since the highs of 6338, 25th day since the lows of 4531.
Nifty closed above 5100 levels and has entered into strong resistance zone of 5100-5200.Today was 17th day of upmove from 4588,so this upmove should be close to topping out.If Nifty is making a medium term top here, then Nifty will drift down to make new lows in 4-6 weeks(looks less likely).Else Nifty may enter into consolidation mode for 2-3 weeks before it moves further up for a medium term Top.Nifty extended its monthly range and now stands at 553 points.
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