Nifty continued its downward trend.Breadth was weak today and volumes were also low.Important points for today.
1.Nifty downmove by 0.2% with 0.5 breadth.
2.6th day of downturn after 40 days of rally.
3.First -ve weekly closing after 9 +ve weeks.
Nifty is in correction now.This is either correction of 565 points(wave3 =5399-4835) OR of 725 points after completion of 5 waves(5399-4675)OR of the bull market rally since March09.Next week's closing and intraweek low should throw some light on the likely path of Nifty ahead.Next week's closing above 5200 should indicate of a likely pop ahead in weeks later.While a deeper cut to around 5100 should either be 725 point correction or correction of bull market rally.
No comments:
Post a Comment