Nifty turned up strongly with moderately high volumes and +ve breadth. Important points for today.
1. Nifty up by 3.3% with 3.3 breadth.
2. 390th day since the highs of 6338, 116th day since the lows of 4531, 73rd day since the swing highs of 5629.
Nifty turned up today closing above previous swing closing high of 4990.today was 26th day since Nifty turned down from 5279 levels.If Nifty has made medium term reversal from here, then 4900 should remain as base and not be breached and Nifty should move up gradually or swiftly.With today's move , Nifty's range for this quarter(Apr-Jun) stands at 608 points and for this week at 240 points.If Nifty turns further up, then it is setting up for a high probability trade for a drop towards 4500-4600 levels in next few weeks.
1. Nifty up by 3.3% with 3.3 breadth.
2. 390th day since the highs of 6338, 116th day since the lows of 4531, 73rd day since the swing highs of 5629.
Nifty turned up today closing above previous swing closing high of 4990.today was 26th day since Nifty turned down from 5279 levels.If Nifty has made medium term reversal from here, then 4900 should remain as base and not be breached and Nifty should move up gradually or swiftly.With today's move , Nifty's range for this quarter(Apr-Jun) stands at 608 points and for this week at 240 points.If Nifty turns further up, then it is setting up for a high probability trade for a drop towards 4500-4600 levels in next few weeks.
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