Nifty closed above 5400 today with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 1.3% with 1.9 breadth.
2. 331st day since the highs of 6338, 57th day since the lows of 4531, 14th day since the swing highs of 5629.
Nifty managed to close well above 5400 today.Today was 3rd consecutive up day from lows of 5171.I see two possibilities in near term,first is that Nifty has formed a short term low and now likely make a lower high ie below 5629. Second is that Nifty may again go down below 5200 levels (not going above 5500) and then recover slowly towards 5500 levels towards month end.Monthly range till today stands at 257 points.Range indicator is pointing to 100-150 point move below 5171 or above 5450 levels in next 2 weeks.
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