Nifty had a big blast above 6500 with high volumes and neutral breadth. Important points for today.
1. Nifty up by 2.0% with 1.0 breadth.
2. 131st day since the lows of 5118, 83rd day since the highs of 6342, 59th day since the highs of 6415.
Nifty closed above 6500 with very high volumes. Today was 23rd day since lows of 5933. Weekly range was 325 and Monthly/Quarterly range stands at 325/604 points as of today. Nifty has broken out above 6350 decisively but the move from 5933 is slower than last impulsive downmove from 6355-5933. If breakout is genuine and strong, then 6350-6400 should be strong support and Nifty should seek further higher levels before seeking support at 6350 level. But if Nifty comes down to take support at 6350 level, then I would doubt the sustainability of this upmove beyond few hundred points more.Lets see.
1. Nifty up by 2.0% with 1.0 breadth.
2. 131st day since the lows of 5118, 83rd day since the highs of 6342, 59th day since the highs of 6415.
Nifty closed above 6500 with very high volumes. Today was 23rd day since lows of 5933. Weekly range was 325 and Monthly/Quarterly range stands at 325/604 points as of today. Nifty has broken out above 6350 decisively but the move from 5933 is slower than last impulsive downmove from 6355-5933. If breakout is genuine and strong, then 6350-6400 should be strong support and Nifty should seek further higher levels before seeking support at 6350 level. But if Nifty comes down to take support at 6350 level, then I would doubt the sustainability of this upmove beyond few hundred points more.Lets see.
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