Nifty gapped up to near 5600 levels but sold off after that and closed well below 5500 levels with higher volumes and -ve breadth.Important points for today.
1.Nifty down by 1.6% with 0.26 breadth.
2.33rd day since 6181,72nd day since the highs of 6338.
Nifty sold off from the resistance at 5550-5600 levels.The lower supports are at 5300/5200.Since Nifty has retraced yesterdays rise completely,so the selloff may have more legs and could possibly take the lower supports.The rise from 5177 was of 5 days so if the fall is impulsive in nature than Nifty should break 5177 in less than 5 days.I expect only a marginal break of 5177(max upto ~5000) if Nifty makes a new low.
No comments:
Post a Comment