Nifty gave up yesterday's gain and closed below 4950 with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 1.4% with 0.53 breadth.
2.223rd day since the highs 6338,23rd day since the lows of 4720.
Nifty stays within 4900-5150 range.4900 on the lower side is providing support to Nifty.I expect that if Nifty tests upper end of range of 5150-5200 , this time it will break above it since Nifty is not breaking 4800-4900 zone.Monthly range for September is 411 points after 831 points in August.So September has been a compression month after big expansion in August.October is a month of high volatility and after 50% compression in September,there is a good chance that October monthly range to be between 550-600 points.I expect +ve bias of Nifty in October.
No comments:
Post a Comment