Nifty opened above 5400 but could not sustain at higher levels amid higher volumes and -ve breadth. Important points for today.
1. Nifty down by 0.5% with 0.65 breadth.
2. 309th day since the highs of 6338, 34th day since the lows of 4531.
Nifty today breached the previous medium term highs of 5399 also.Nifty has done bullish crossover of intraday and daily closing highs.Nifty could undergo violent correction here or stay in narrow range consolidation move of around 200 points.Both moves will have implications for the next move ahead.I will look out for the kind of correction mode Nifty enters to decide about the next course of action. Nifty's range till today is 254 points.
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