Nifty opened gap down but recovered to closed mildly +ve with lower volumes and neutral breadth. Important points for today.
1. Nifty up by 0.1% with 0.83 breadth.
2. 388th day since the highs of 6338, 114th day since the lows of 4531, 71st day since the swing highs of 5629.
Nifty ended flat after opening gap down. Today was 24th day since the swing highs of 5279. Nifty has taken 71days till now correcting 43days of upmove from 4531-5629.Clearly Nifty is lacking downside momentum now but it does not look like Nifty has capitulated on medium term basis.A sharp unexpected Low should happen for Nifty to capitulate.4500-4700 is a strong support zone and Nifty should find support here if it goes further down from here. Nifty's range for this month stands at 179 points in 2days till now.
1. Nifty up by 0.1% with 0.83 breadth.
2. 388th day since the highs of 6338, 114th day since the lows of 4531, 71st day since the swing highs of 5629.
Nifty ended flat after opening gap down. Today was 24th day since the swing highs of 5279. Nifty has taken 71days till now correcting 43days of upmove from 4531-5629.Clearly Nifty is lacking downside momentum now but it does not look like Nifty has capitulated on medium term basis.A sharp unexpected Low should happen for Nifty to capitulate.4500-4700 is a strong support zone and Nifty should find support here if it goes further down from here. Nifty's range for this month stands at 179 points in 2days till now.
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