Nifty made good gains today with high volumes and +ve breadth. Important points for today.
1. Nifty up by 0.6% with 1.5 breadth.
2. 143rd day since the lows of 5118, 94th day since the highs of 6342, 71st day since the highs of 6415.
Nifty went past 6650 but closed below it. Todays range was 74 points and Weekly/Monthly/Quarterly range now stands at 163/461/740 points. Nifty is showing big divergence on hourly charts, but not on daily charts. Also it is touching the trendline resistance now at ~6640 joining 6342-6415. So daily correction may happen now for next few days before a new impulsive move begins. Total rally from 5933 is 740 points. So I expect around 0.75x740 ~555 pints over next few days. Nifty is yet to confirm whether correction has begun, so further upmove may happen but 6700-6730 should be good resistance.
1. Nifty up by 0.6% with 1.5 breadth.
2. 143rd day since the lows of 5118, 94th day since the highs of 6342, 71st day since the highs of 6415.
Nifty went past 6650 but closed below it. Todays range was 74 points and Weekly/Monthly/Quarterly range now stands at 163/461/740 points. Nifty is showing big divergence on hourly charts, but not on daily charts. Also it is touching the trendline resistance now at ~6640 joining 6342-6415. So daily correction may happen now for next few days before a new impulsive move begins. Total rally from 5933 is 740 points. So I expect around 0.75x740 ~555 pints over next few days. Nifty is yet to confirm whether correction has begun, so further upmove may happen but 6700-6730 should be good resistance.
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