Niftydipped below 5000 levels but recovered sharply to close above 5100 levels with moderate volumes and neutral breadth. Important points for today.
1. Nifty up by by 0.55% with 1.15 breadth.
2. 368th day since the highs of 6338, 94th day since the lows of 4531, 51st day since the swing highs of 5629.
Nifty has made a short term bottom below 4900 today. But this does not look like a durable bottom , so Nifty is likely to attempt sub 5000 levels again. Nifty may not go much below today's low in 2nd attempt since the momentum in last 2-3 days was very strong and Nifty may take few days to breach 4950+ levels in a decisive way. Nifty's range for this month stands at 291 points and quarterly range at 390 points.
1. Nifty up by by 0.55% with 1.15 breadth.
2. 368th day since the highs of 6338, 94th day since the lows of 4531, 51st day since the swing highs of 5629.
Nifty has made a short term bottom below 4900 today. But this does not look like a durable bottom , so Nifty is likely to attempt sub 5000 levels again. Nifty may not go much below today's low in 2nd attempt since the momentum in last 2-3 days was very strong and Nifty may take few days to breach 4950+ levels in a decisive way. Nifty's range for this month stands at 291 points and quarterly range at 390 points.
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