Nifty continues its bounce with big upmove amid moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 1.55% with 2.0 breadth.
2. 685th day since the highs of 6338, 403rd day since the lows of 4531.
Nifty was up for the 3rd consecutive day.This bounce still has more steam and could hit 5850-5950 zone before it pauses.Weekly range is 147 in 2 days. Monthly range is 322 and Quarterly range is 607 points. Whether this is relief bounce OR impulsive upmove will be known only when Nifty hits resistance zone of ~5850-5950 level(assuming it reaches there given the current momentum).
1. Nifty up by 1.55% with 2.0 breadth.
2. 685th day since the highs of 6338, 403rd day since the lows of 4531.
Nifty was up for the 3rd consecutive day.This bounce still has more steam and could hit 5850-5950 zone before it pauses.Weekly range is 147 in 2 days. Monthly range is 322 and Quarterly range is 607 points. Whether this is relief bounce OR impulsive upmove will be known only when Nifty hits resistance zone of ~5850-5950 level(assuming it reaches there given the current momentum).
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