Nifty trended down for most part of the day but bounced in last hour to close in green with lower volumes and neutral breadth. Important points for today.
1. Nifty up by 0.4% with 1.0 breadth.
2. 392nd day since the highs of 6338, 118th day since the lows of 4531, 75th day since the swing highs of 5629.
Nifty was up for 5th consecutive day.Nifty is now approaching resistance zone of 5100-5200. This week ,Nifty jumped by 5% on weekly basis.5200 is a strong resistance , so Nifty could reverse all of this week's gain in next week!If that happens then Nifty may either take support at 4600 and bounce OR it may make new lows below 4500.Monthly range now stands at 314 points and quarterly range at 608 points.
1. Nifty up by 0.4% with 1.0 breadth.
2. 392nd day since the highs of 6338, 118th day since the lows of 4531, 75th day since the swing highs of 5629.
Nifty was up for 5th consecutive day.Nifty is now approaching resistance zone of 5100-5200. This week ,Nifty jumped by 5% on weekly basis.5200 is a strong resistance , so Nifty could reverse all of this week's gain in next week!If that happens then Nifty may either take support at 4600 and bounce OR it may make new lows below 4500.Monthly range now stands at 314 points and quarterly range at 608 points.
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