Nifty tested 5500 levels with moderate volumes and neutral breadth. Important points for today.
1. Nifty up by 0.1% with 1.35 breadth.
2. 693rd day since the highs of 6338, 411th day since the lows of 4531.
Nifty moved past 5500 level but closed below it. 5500 acted as support level many times , so this will be resistance now. Nifty has reversed from 5500 levels earlier on intraday basis. Nifty has moved up for 3 consecutive days and rally seems to be waning today. Crossing 5500 will need momentum move from Nifty. Today's range was 74 points. If Nifty sustains 5500 levels in next 2-3 days then i can gather momentum to move higher.
1. Nifty up by 0.1% with 1.35 breadth.
2. 693rd day since the highs of 6338, 411th day since the lows of 4531.
Nifty moved past 5500 level but closed below it. 5500 acted as support level many times , so this will be resistance now. Nifty has reversed from 5500 levels earlier on intraday basis. Nifty has moved up for 3 consecutive days and rally seems to be waning today. Crossing 5500 will need momentum move from Nifty. Today's range was 74 points. If Nifty sustains 5500 levels in next 2-3 days then i can gather momentum to move higher.
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