Nifty had a choppy day today, started with the downfall and then moved up and settled in between high and low.Important points for today.
1.Nifty moved up by 0.1% with 1.3 breadth.
2.28th day of downturn(assuming that another leg of downfall is due,else this will be first day up.)
Nifty was ranged between 5105-5024 today.Since Nifty Nifty made a low of 4966 yesterday and closed at 5059,so there is a gap of 93 points between closing and lows.This gap I expect will be narrowed soon.This leg of downmove can also likely be the last before the Nifty turns up.Since 28 days of downturn,Nifty's downmove is of moderate intensity,so i dont expect this downmove to become high intensity towards its last leg.I expect another upmove(sharp and swift) before a high intensity downmove to begin.
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