Nifty moved in 83 point range with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 1.3% with 0.45 breadth.
2. 396th day since the highs of 6338, 122nd day since the lows of 4531, 79th day since the swing highs of 5629.
Nifty failed to cross 5150 levels since last 3 days and came down today.Nifty remains in short term upmove but further upsides above 5200 may be capitulative move.Nifty on medium term appears to be forming expanding wedge and right now is in its 4th leg down with possible targets of 4000 levels in about August timeframe.Monthly and quarterly range stands at 374 and 608 points.Expansion of quarterly range by more than 100 points looks less probable right now, as it may require a move to 4600/5500 in next 11 days.
1. Nifty down by 1.3% with 0.45 breadth.
2. 396th day since the highs of 6338, 122nd day since the lows of 4531, 79th day since the swing highs of 5629.
Nifty failed to cross 5150 levels since last 3 days and came down today.Nifty remains in short term upmove but further upsides above 5200 may be capitulative move.Nifty on medium term appears to be forming expanding wedge and right now is in its 4th leg down with possible targets of 4000 levels in about August timeframe.Monthly and quarterly range stands at 374 and 608 points.Expansion of quarterly range by more than 100 points looks less probable right now, as it may require a move to 4600/5500 in next 11 days.
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