Nifty opened gap down and recovered after that to close above 4900 with low volumes and neutral breadth. Important points for today.
1. Nifty up by 0.7% with 1.2 breadth.
2. 374th day since the highs of 6338, 100th day since the lows of 4531, 57th day since the swing highs of 5629.
Nifty likely made a short term low today and could remain in sideways +ve movement for few days. The downtrend does not look like it has ended. Only close above 5100-5150 zone would indicate bullish reversal has happened in Nifty.Today was 10th day since Nifty started its descent from 5279.Weekly range till today stands at 89 points and monthly range at 411 points.
1. Nifty up by 0.7% with 1.2 breadth.
2. 374th day since the highs of 6338, 100th day since the lows of 4531, 57th day since the swing highs of 5629.
Nifty likely made a short term low today and could remain in sideways +ve movement for few days. The downtrend does not look like it has ended. Only close above 5100-5150 zone would indicate bullish reversal has happened in Nifty.Today was 10th day since Nifty started its descent from 5279.Weekly range till today stands at 89 points and monthly range at 411 points.
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