Nifty opened above 5100 levels but closed around 5050 levels with lower volumes and neutral breadth. Important points for today.
1. Nifty down by 0.3% with 1.0 breadth.
2. 393rd day since the highs of 6338, 119th day since the lows of 4531, 76th day since the swing highs of 5629.
Nifty had a mild selloff from 5100+ levels.5100-5200 is a strong resistance zone, and Nifty in the absence of +ve trigger may find it difficult to breach it decisively.Bear scenario of sub 4500 also remains open as of now but bullcase of Nifty having turned up on medium term basis is also emerging.1st week of July should clear up quite a few things.Quarterly range till today is only 608 points and is lowest in last about 5 years.So if Nifty doesnot expand its quarterly range significantly in the remaining days of June, then probabilty of expansion in next quarter will be quite high.
1. Nifty down by 0.3% with 1.0 breadth.
2. 393rd day since the highs of 6338, 119th day since the lows of 4531, 76th day since the swing highs of 5629.
Nifty had a mild selloff from 5100+ levels.5100-5200 is a strong resistance zone, and Nifty in the absence of +ve trigger may find it difficult to breach it decisively.Bear scenario of sub 4500 also remains open as of now but bullcase of Nifty having turned up on medium term basis is also emerging.1st week of July should clear up quite a few things.Quarterly range till today is only 608 points and is lowest in last about 5 years.So if Nifty doesnot expand its quarterly range significantly in the remaining days of June, then probabilty of expansion in next quarter will be quite high.
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