Nifty opened gap down but recovered later on to close just below 5150 with moderate volumes and neutral breadth. Important points for today.
1. Nifty down by 0.35% with 0.9 breadth.
2. 402nd day since the highs of 6338, 128th day since the lows of 4531, 85th day since the swing highs of 5629.
Nifty has spent last 4 days within Monday's trading range of 149 points.This pattern indicates that Nifty may be exhausting here at 5150-5200 levels. Any further attempt at 5200+ could happen as a capitulating move and Nifty could swirl down to lower support levels of 4600-4800 in next 1-3 weeks if Nifty makes failed attempt at 5200 and closes in the red next week.Quarterly range stands at 608 points and there looks to be a good opportunity emerging in next 2 months for Nifty to undergo wild swing.
1. Nifty down by 0.35% with 0.9 breadth.
2. 402nd day since the highs of 6338, 128th day since the lows of 4531, 85th day since the swing highs of 5629.
Nifty has spent last 4 days within Monday's trading range of 149 points.This pattern indicates that Nifty may be exhausting here at 5150-5200 levels. Any further attempt at 5200+ could happen as a capitulating move and Nifty could swirl down to lower support levels of 4600-4800 in next 1-3 weeks if Nifty makes failed attempt at 5200 and closes in the red next week.Quarterly range stands at 608 points and there looks to be a good opportunity emerging in next 2 months for Nifty to undergo wild swing.
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