Nifty moved in a narrow range of 41 points with lower volumes and neutral breadth. Important points for today.
1. Nifty up by 0.3% with 1.2 breadth.
2. 389th day since the highs of 6338, 115th day since the lows of 4531, 72nd day since the swing highs of 5629.
Nifty moved in between 4847-4900. Nifty has been in pause mode for 2days after declining by 250 points from 5020-4770.Since Nifty is in weekly down mode, so Nifty may resume its downtrend in 1-2 days.Nifty is at critical juncture as it is 4-5% above the lows of 4531 after breaching 4700 support levels decisively in nov-dec.From the charts, I see Nifty has taken out 4700 support medium term decisively ,so another halt at 4500-4600, could setup Nifty for deeper fall to 3700-4000 levels in next few weeks.This week's range stands at 128 points.
1. Nifty up by 0.3% with 1.2 breadth.
2. 389th day since the highs of 6338, 115th day since the lows of 4531, 72nd day since the swing highs of 5629.
Nifty moved in between 4847-4900. Nifty has been in pause mode for 2days after declining by 250 points from 5020-4770.Since Nifty is in weekly down mode, so Nifty may resume its downtrend in 1-2 days.Nifty is at critical juncture as it is 4-5% above the lows of 4531 after breaching 4700 support levels decisively in nov-dec.From the charts, I see Nifty has taken out 4700 support medium term decisively ,so another halt at 4500-4600, could setup Nifty for deeper fall to 3700-4000 levels in next few weeks.This week's range stands at 128 points.
No comments:
Post a Comment