Nifty moved in a very narrow range of 53 points with low volumes and +ve breadth. Important points for today.
1. Nifty up by 0.4% with 2.75 breadth.
2. 345th day since the highs of 6338, 71st day since the lows of 4531, 28th day since the swing highs of 5629.
Nifty edged above 5300 but the volumes were quite low.Volumes indicate Nifty may find it difficult to move further up but +ve breadth may give some more upside leg to Nifty.How Nifty negotiates with 5400+ level in next 2-3 days will indicate the intent and strength of Nifty.Nifty has clearly formed a short term double bottom at 5150-5200 zone,so if bull scenario is to happen, then Nifty should show strength above 5400 levels in next few days.But if Nifty stays sideways around 5300 levels or drifts down, then it is a sign of weakness in Nifty.
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