Nifty moved up with very low volumes and +ve breadth to close just below 5000 levels. Important points for today.
1. Nifty up by 1.3% with 1.9 breadth.
2. 383rd day since the highs of 6338, 109th day since the lows of 4531, 66th day since the swing highs of 5629.
Nifty rose for the 3rd consecutive day.Nifty has risen past 4950 that acted as resistance level since last few days.This may be capitulation of the sideways move or if Nifty moves further up for another 1-2 days then Nifty may have entered a short term consolidation move between 4800-5200. I would look for signs of topping out over next 2 days,if That happens then Nifty may attempt lows of 4500-4600 by next week .
1. Nifty up by 1.3% with 1.9 breadth.
2. 383rd day since the highs of 6338, 109th day since the lows of 4531, 66th day since the swing highs of 5629.
Nifty rose for the 3rd consecutive day.Nifty has risen past 4950 that acted as resistance level since last few days.This may be capitulation of the sideways move or if Nifty moves further up for another 1-2 days then Nifty may have entered a short term consolidation move between 4800-5200. I would look for signs of topping out over next 2 days,if That happens then Nifty may attempt lows of 4500-4600 by next week .
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