Nifty fell back again below 5000 levels with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 2.3% with 0.45 breadth.
2. 369th day since the highs of 6338, 95th day since the lows of 4531, 52nd day since the swing highs of 5629.
Nifty retraced yesterday's late day pullback to close near day's low.Today was 5th consecutive down day of Nifty.The downmove that started from 5280 halted yesterday at 4980 and after that there was pullback till 5120 and then drop again to below 5000 levels today. Nifty may hover in 4900-5100 zone for another 1-2 days and then fall down or it may continue with the current momentum and keep going down. Nifty halting here at around 5000 levels should be a good shorting opportunity. Weekly range stands at 141 points and monthly range is 296 points till today.
1. Nifty down by 2.3% with 0.45 breadth.
2. 369th day since the highs of 6338, 95th day since the lows of 4531, 52nd day since the swing highs of 5629.
Nifty retraced yesterday's late day pullback to close near day's low.Today was 5th consecutive down day of Nifty.The downmove that started from 5280 halted yesterday at 4980 and after that there was pullback till 5120 and then drop again to below 5000 levels today. Nifty may hover in 4900-5100 zone for another 1-2 days and then fall down or it may continue with the current momentum and keep going down. Nifty halting here at around 5000 levels should be a good shorting opportunity. Weekly range stands at 141 points and monthly range is 296 points till today.
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