Nifty moved in a wide range and closed below 5700 levels again with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.0% with 0.6 breadth.
2.16th day since 6181,55th day since the highs of 6338.
Nifty moved above 5800 till noon but later went down below 5700 levels and closed below it.Since Nifty is still in the sideways range of 5620-5870, so any upmove or downmove will only be confirmed when this range is broken.But today's reversal looks interesting and may lead to Nifty breaching 5600 on Thursday/Friday.Since the move from 6181 is 16 days already, so this should not last for more than 4-6 days if the impulsive move is to downside.And if the upmove happens from here then move from 6181 has ended at 5654 ie in 10 days.Today's volatility is pointing to big swings on Thursday/Friday as last week was very narrow range(123 points) and accordingly this week is turning to be wide range(121 in 2 days).
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