Nifty dropped down further on 1st day of new series with very high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.0% with 0.5 breadth.
2. 321st day since the highs of 6338, 46th day since the lows of 4531.
Nifty's weekly close 2.5% lower.Such a sharp fall indicates that this is good signal that Nifty has topped out or will Top out within 100 points of 5630 levels.Today was 8th week since the upmove started.This month's range stands at 470 points and quarterly range at 1041 points.March may just prepare the ground for the fall with Nifty moving between support of ~5200 to 5700 resistance level.
No comments:
Post a Comment