Nifty bounced strongly with lower volumes and +ve breadth. Important points for today.
1. Nifty up by 1.90 with 2.2 breadth.
2. 643rd day since the highs of 6338, 366th day since the lows of 4531.
Nifty closed above 5800 today. Nifty indeed found support sub 5700 levels.Short term trend has turned up with the bounce. 5850-6000 remains a resistance zone. Nifty closed the week down for the 4th consecutive week after 5 weeks of rally.Medium term trend is unclear as both bearish/bullish scenarios appear valid to me.Next few days should clear the sky about whether Nifty may be heading to new highs above 6300 OR it may remain rangebound in .broad range with downward bias
1. Nifty up by 1.90 with 2.2 breadth.
2. 643rd day since the highs of 6338, 366th day since the lows of 4531.
Nifty closed above 5800 today. Nifty indeed found support sub 5700 levels.Short term trend has turned up with the bounce. 5850-6000 remains a resistance zone. Nifty closed the week down for the 4th consecutive week after 5 weeks of rally.Medium term trend is unclear as both bearish/bullish scenarios appear valid to me.Next few days should clear the sky about whether Nifty may be heading to new highs above 6300 OR it may remain rangebound in .broad range with downward bias
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