Nifty rallied up in the morning and crossed 5000 but later gave all its gains to close marginally in positive towards end.Volumes were low and breadth was positive.Important points for today.
1.Nifty up by 0.3% with 1.24 breadth.
2.32nd day of downturn(assuming it be there unless proven otherwise in next few days) after 40 days of rally..
Nifty is stuck in small 50 points closing range of 4900-4950 for last 4 days.This range is likely to be broken downside below 4900.Since the momentum on donwside has not increased any further during last few days and positive divergences are there on the RSI oscillator ,I expect that any downside movement below 4900 will be completion of the downturn unless the move is of very sharp intensity.Also there already are 32 days of downturn after 40 days of rally.Given that this downturn can either be correction or first leg of bear market,so anyways this downturn should not be taking more number of days than the previous rally ie 40 days.
No comments:
Post a Comment