Nifty continued its slide to close below 5200 with low volumes and -ve breadth. Important points for today.
1. Nifty down by 0.6% with 0.55 breadth.
2. 417th day since the highs of 6338, 143rd day since the lows of 4531, 100th day since the swing highs of 5629.
Nifty ended below 5200 but breadth and volumes are indicating downside exhaustion.Nifty may move up from here towards 5350+. But Nifty has not shown any good momentum after breaking above 5200, so even if upmove begins real strength is only going to come after a close above 5400 levels.Nifty faltering at ~5400 levels may result in swift reversal to sub 5000 levels. July's range stands at 158 points till today.
1. Nifty down by 0.6% with 0.55 breadth.
2. 417th day since the highs of 6338, 143rd day since the lows of 4531, 100th day since the swing highs of 5629.
Nifty ended below 5200 but breadth and volumes are indicating downside exhaustion.Nifty may move up from here towards 5350+. But Nifty has not shown any good momentum after breaking above 5200, so even if upmove begins real strength is only going to come after a close above 5400 levels.Nifty faltering at ~5400 levels may result in swift reversal to sub 5000 levels. July's range stands at 158 points till today.
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