Niftyhad a mild selloff with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 1.65% with -.4 breadth.
2. 387th day since the highs of 6338, 113th day since the lows of 4531, 70th day since the swing highs of 5629.
Nifty closed below 4850 levels today.After 2 weeks of sideways move, Nifty has closed down by 1.6% on weekly basis. This down move could continue for another few days and Nifty is likely to test 4600 levels now.Momentum will decide whether Nifty is headed for bid downmove or it may rest around the support zone of 4500-4600.Nifty is heading down at the start of the month, so Nifty is likely to expand its monthly and quarterly range on downside.
1. Nifty down by 1.65% with -.4 breadth.
2. 387th day since the highs of 6338, 113th day since the lows of 4531, 70th day since the swing highs of 5629.
Nifty closed below 4850 levels today.After 2 weeks of sideways move, Nifty has closed down by 1.6% on weekly basis. This down move could continue for another few days and Nifty is likely to test 4600 levels now.Momentum will decide whether Nifty is headed for bid downmove or it may rest around the support zone of 4500-4600.Nifty is heading down at the start of the month, so Nifty is likely to expand its monthly and quarterly range on downside.
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