Nifty gapped down below 4800 but recovered later on with moderate volumes and neutral breadth. Important points for today.
1. Nifty up by 0.4% with 0.83 breadth.
2. 377th day since the highs of 6338, 103rd day since the lows of 4531, 60th day since the swing highs of 5629.
Nifty dropped below 4800 today bt found support to bounce above 4900. Nifty is finding support at lower levels, so near term drop below 4700 looks less likely and on upside 4950-5000 should pose resistance to Nifty.With today's move Nifty ended the week with range of 169 points and monthly range at 491 points.On Weekly basis , Nifty is down for 4th consecutive week but this week was down by 0.75%. Nifty may hover in 200-250 point range for few days and may then drift to lower support zone of 4600-4700 around expiry.
1. Nifty up by 0.4% with 0.83 breadth.
2. 377th day since the highs of 6338, 103rd day since the lows of 4531, 60th day since the swing highs of 5629.
Nifty dropped below 4800 today bt found support to bounce above 4900. Nifty is finding support at lower levels, so near term drop below 4700 looks less likely and on upside 4950-5000 should pose resistance to Nifty.With today's move Nifty ended the week with range of 169 points and monthly range at 491 points.On Weekly basis , Nifty is down for 4th consecutive week but this week was down by 0.75%. Nifty may hover in 200-250 point range for few days and may then drift to lower support zone of 4600-4700 around expiry.
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