Nifty slid sharply and closed below 4800 levels with low volumes and -ve breadth. Important points for today.
1. Nifty down by 2.5% with 0.32 breadth.
2. 255th day since the highs of 6338, 55th day since the lows of 4720.
Nifty closed below 4800 today. today was 14th day since the swing highs of 5399 and 8th consecutive down day. Nifty is weak but hovering around support levels of 4700.Conditions are ripe for a Nifty crash to 4000 levels.Without crash, I think Nifty should only breach 4700 marginally by 100-200 points over next few weeks.November's range till today is 562 points after 671 points in October.If Nifty closes this month with around 550-600 point range then december should likely be narrower in range than November.
No comments:
Post a Comment