Nifty hovered around 5900 levels with lower volumes and neutral breadth. Important points for today.
1. Nifty up by 0.6% with 1.3 breadth.
2. 610th day since the highs of 6338, 333rd day since the lows of 4531.
Nifty moved in 50 point range and closed above 5900 levels. Nifty is currently trading around weekly/monthly high 5ema.So probability of a breakout is more. Any breakout from here has good chance of taking Nifty to new highs if it is coupled with strong momentum.Monthly range remains at 447 points with 1 day to go. May is a month of high volatilty and Mar/Apr have 350/400 + point range so volatility is increasing since last couple of months.
1. Nifty up by 0.6% with 1.3 breadth.
2. 610th day since the highs of 6338, 333rd day since the lows of 4531.
Nifty moved in 50 point range and closed above 5900 levels. Nifty is currently trading around weekly/monthly high 5ema.So probability of a breakout is more. Any breakout from here has good chance of taking Nifty to new highs if it is coupled with strong momentum.Monthly range remains at 447 points with 1 day to go. May is a month of high volatilty and Mar/Apr have 350/400 + point range so volatility is increasing since last couple of months.
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