Nifty was sideways to -ve and traded below 5200 with moderate volumes and neutral breadth. Important points for today.
1. Nifty down by 0.3% with 1.3 breadth.
2. 343rd day since the highs of 6338, 69th day since the lows of 4531,26th day since the swing highs of 5629.
Nifty has likely taken out the support zone of 5200 as it has breached this level in last few days.This to me opens the gate to earlier lows of 4500-4700 levels as next stop.Nifty could retrace down to these levels if it has started its downside move. Since the downmove is already 6 weeks old, so chances of drop is high in next 2-3 weeks.Nifty expanded its monthly range and is now 364 points.
No comments:
Post a Comment