Nifty tested 5250 levels and bounced back to 5400+ with higher volumes and neutral breadth. Important points for today.
1. Nifty up by 2.0% with 1.15 breadth.
2. 691st day since the highs of 6338, 409th day since the lows of 4531.
Nifty reversed yesterday's losses and closed above 5400 levels. Nifty has taken support at 5250-5300 trendline. More upside should be possible in next few days. Only a momentum breach below 5300 should take Nifty to sub 5000 levels Else 5250 support could hold on for few weeks. Nifty remains in 1000+ point rising channel since 4531(Dec2011). Weekly/Monthly/Quarterly/Yearly range now stand at 250/554/839/975 points.
1. Nifty up by 2.0% with 1.15 breadth.
2. 691st day since the highs of 6338, 409th day since the lows of 4531.
Nifty reversed yesterday's losses and closed above 5400 levels. Nifty has taken support at 5250-5300 trendline. More upside should be possible in next few days. Only a momentum breach below 5300 should take Nifty to sub 5000 levels Else 5250 support could hold on for few weeks. Nifty remains in 1000+ point rising channel since 4531(Dec2011). Weekly/Monthly/Quarterly/Yearly range now stand at 250/554/839/975 points.
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