Nifty dropped down with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.5% with 0.3 breadth.
2.43rd day since the lows of 5177,109th day since the highs of 6338.
Nifty closed the week with a marginally -ve close.Nifty has been moving in a range of 5735-5944 for the last 11 days.So Nifty close above/below the range extremes will give the direction to Nifty for the further move.Previuos short term trend of Nifty was up, so if this is consolidation then Nifty should move up But if Nifty has topped out in this short term upmove, then Nifty's break of 5735(closing) could well be the beginning of medium term downside reversal.April Range till now is 209 points and I see atleast 250-300 more points to this range.So either 5944+250(6200+) OR 5735-250(5500-) could be on its way in April Expiry.
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