Nifty drifted further down today.Breadth was quite -ve but volumes were low.Important points for today.
1.Nifty down by 1.2% with 0.35 breadth.
2.7th day of downturn after 40 days of rally from feb6th.
3.Volumes were low though there was allround weakness from price action.
Nifty may be approaching a short term bottom here.If we get a bounce from here then this level will be short term bottom.My scenarios from here are either wave5 daily,truncated below 5400 or going upto 5500, OR it could be wave2 of downturn staying below 5400.Since Nifty is not undergoing big -ve price action(> 100 points)in this downmove and its 7 days of downturn with 5 consecutive ones,we should see a bounce/consolidation here in next few days.
No comments:
Post a Comment