Nifty was sideways with -ve bias amid moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 1.7% with 0.7 breadth.
2. 375th day since the highs of 6338, 101st day since the lows of 4531, 58th day since the swing highs of 5629.
Today was 11th day since Nifty reversal from 5279.Nifty is trending down but downside momentum is moderate.Nifty may be close to forming a short term bottom around 4700-4800 in next 1-2 days.Nifty may remain weak though in short term it may not go down much further but medium term Nifty remians in downtrend and further new lows could be there in coming weeks.Weekly range after today is 120 points and monthly range is 442 points.
1. Nifty down by 1.7% with 0.7 breadth.
2. 375th day since the highs of 6338, 101st day since the lows of 4531, 58th day since the swing highs of 5629.
Today was 11th day since Nifty reversal from 5279.Nifty is trending down but downside momentum is moderate.Nifty may be close to forming a short term bottom around 4700-4800 in next 1-2 days.Nifty may remain weak though in short term it may not go down much further but medium term Nifty remians in downtrend and further new lows could be there in coming weeks.Weekly range after today is 120 points and monthly range is 442 points.
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