Nifty marched upwards towards 5150 levels with moderately low volumes and neutral breadth. Important points for today.
1. Nifty up by 1.7% with 1.3 breadth.
2. 397th day since the highs of 6338,123rd day since the lows of 4531, 80th day since the swing highs of 5629.
Nifty is hovering in 5000-5150 range now for 7-8 days. Today was 10th day since Nifty turned up from sub 4800 levels.Nifty may attempt 5200 soon and if momentum is lacking then it could turn out to be area of reversal.Nifty's monthly range stands at 376 points and quarterly range at 608 points.Quarterly range is indicating extreme compression after many successive quarters of expansion.This is a reliable indicator and is pointing towards quarterly expansion in next quarter, which may indicate that an important level may be reached by Nifty in next 2-3 months.
1. Nifty up by 1.7% with 1.3 breadth.
2. 397th day since the highs of 6338,123rd day since the lows of 4531, 80th day since the swing highs of 5629.
Nifty is hovering in 5000-5150 range now for 7-8 days. Today was 10th day since Nifty turned up from sub 4800 levels.Nifty may attempt 5200 soon and if momentum is lacking then it could turn out to be area of reversal.Nifty's monthly range stands at 376 points and quarterly range at 608 points.Quarterly range is indicating extreme compression after many successive quarters of expansion.This is a reliable indicator and is pointing towards quarterly expansion in next quarter, which may indicate that an important level may be reached by Nifty in next 2-3 months.
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