Nifty moved down today with -ve breadth and low volumes.Nifty is still within its 200 point range of last 1 month.Important points for today.
1.Nifty moved down by 1% with 0.55 breadth and low volumes.
2.57th day from the start of rally from feb6th.
Nifty is exhibiting volatility and is lacking upside momentum.Todays downmove though of 1% but was low on volumes.So tomorrow's action is to be seen.Wave count's are hazy as of now.But the number of days of rally indicate that downturn should be near and we should look for Nifty's action for taking a cue about the possible move.Nifty completed 3 months of +ve upmove in Wave5 in April in line with Wave1 and Wave3 monthly.I would raise red flag for all longs here, and look for some more signals to go short aggressively.
No comments:
Post a Comment