Nifty extended its losses and closed below 4600 with low volumes and -ve breadth. Important points for today.
1.Nifty down by 1.5% with 0.39 breadth.
2.275th day since the highs of 6338, 34th day since the swing highs of 5399.
Today was 9th day since the swing highs of 5099 of Nifty.Nifty has closed below 4700 for 3rd consecutive day but the volumes are stagnant/decreasing with declines alongwith increasing breadth. This indicates to me that Nifty is likely to bounce from around here.The kind of bounce will determine about the character of bottom at 4500.December range till today is now 568 points.
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