Nifty moved in a broad range today but closed in the red with high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.2% with 0.44 breadth.
2. 334th day since the highs of 6338, 60th day since the lows of 4531, 17th day since the swing highs of 5629.
Nifty ended the 4th consecutive week down.Nifty has slipped about 4.7% in last 4 weeks on closing basis.The sentiment in the market inspite of 4 down weeks is quite bullish.This is a clear divergence to me and is an indicator of things to come in near future. Today's weekly closing though -ve but has closed above 5300.So -ve scenario that I expect is not totally clear as of now.Nifty should make an attempt to go high from here.Quarterly range looks sealed to me at 1041 points.This is highest in last 10 quarters.In next 1 or 2 quarters I think Nifty will make a big range move in either direction.
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