Nifty opened above 4950 but closed near 4850 with low volumes and moderate breadth. Important points for today.
1. Nifty down by 0.95% .
2. 379th day since the highs of 6338, 105th day since the lows of 4531, 62nd day since the swing highs of 5629.
Nifty after opening gap up gave away all its gain to close near day's low. Nifty seems to be pausing here as it is encountering good resistance at 4950 levels.Today was 15th day since the reversal from 5279.If this is a pause within the downturn, then Nifty could start its downmove in 1-2 weeks but if Nifty crosses above 5000 levels then the upmove may last longer.
1. Nifty down by 0.95% .
2. 379th day since the highs of 6338, 105th day since the lows of 4531, 62nd day since the swing highs of 5629.
Nifty after opening gap up gave away all its gain to close near day's low. Nifty seems to be pausing here as it is encountering good resistance at 4950 levels.Today was 15th day since the reversal from 5279.If this is a pause within the downturn, then Nifty could start its downmove in 1-2 weeks but if Nifty crosses above 5000 levels then the upmove may last longer.
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