Nifty moved in range of 5950-6000 before breaking down below 5900 with higher volumes and -ve breadth.Important points for today.
1.Nifty down by 1.8% with 0.2 breadth.
2.126th day since the lows of 4786,9th day since the highs of 6338.
3.2nd consecutive week down.Nifty down by 6.7% in 2 weeks.
Nifty closed below 5900 after 9 weeks.Since Nifty has closed below weekly low 5Ema today,So Monday should see Nifty bouncing back indicating short term bottom.
But If there is no bounce on Monday,then I see Nifty to crash down on Monday/Tuesday and make a panic low probably below 5400 levels.Though I expect a bounce from lower levels and a rally towards year end,I am cautious about whether a Top(for rally from Mar09) has been formed on the Nifty.(should get clear within few weeks time).
No comments:
Post a Comment