Nifty drifted down below 6000 today with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.6% with 0.42 breadth.
2.2nd day since the highs of 6035/6073.
3.Nifty closed below 5ema after 20 days.
Nifty's closing below 5ema indicates start of short term correction.This correction can either be correction of the 700 point rally or of the entire rally from 4786 or of the bull market from Mar09 level of 2539.First important level to watch out for will be 5700 (50% of 700 pt rally).5350 is the next important level being the previous swing low.Below this 4700 is the major support with 4950& 5150 being other support levels besides 5000 as important psychological level.
So for the 88 day,1300 point rally ,minimum correction should be below 5350 ie probably around 5000-5100 levels.
No comments:
Post a Comment