Nifty bounced strongly with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 1.8% with 2.3 breadth.
2. 78th day since the lows of 5118, 55th day since the lows of 5700.
Nifty ended the week above 6250 with a gain of 1.8% on weekly basis. So in 4 weeks Nifty has gained 280 points(4.6%) after falling by 312 points(5%) in 3 weeks. Even though Nifty took out the previous high of 6342 on daily and intraday basis but on weekly basis , this rally is still taking more time. It is likely that this rally may test again 6400-6500 zone by next week. Weekly range for this week was 155 points and Nifty has 100+ point range in each of last 3 days, indicating increase in volatility.
1. Nifty up by 1.8% with 2.3 breadth.
2. 78th day since the lows of 5118, 55th day since the lows of 5700.
Nifty ended the week above 6250 with a gain of 1.8% on weekly basis. So in 4 weeks Nifty has gained 280 points(4.6%) after falling by 312 points(5%) in 3 weeks. Even though Nifty took out the previous high of 6342 on daily and intraday basis but on weekly basis , this rally is still taking more time. It is likely that this rally may test again 6400-6500 zone by next week. Weekly range for this week was 155 points and Nifty has 100+ point range in each of last 3 days, indicating increase in volatility.
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