Nifty slid further but recovered to close above 5200 levels with lower volumes and neutral breadth. Important points for today.
1. Nifty up by 0.5% with 1.0 breadth.
2. 419th day since the highs of 6338, 145th day since the lows of 4531, 102nd day since the swing highs of 5629.
Nifty closed +ve after 5 consecutive down days.Nifty has taken support at 5150 levels and now should try to move higher. 5350+ should open up further upsides while close below 5150 should open further downsides. Between these two levels Nifty may be preparing for its next move.Monthly range till today stands at 179 points, while weekly range is 77 points. This is 3rd week of this month/quarter and Nifty remains in a narrow range.There are 2 possibilities I see as of today. 1. If nifty stays in 300-400 point range till around August end, that would be bullish sign for september onwards.2.If Nifty expands its range to 500+ in next 2-3 weeks, then Nifty may move in the direction of range expansion for some time.
1. Nifty up by 0.5% with 1.0 breadth.
2. 419th day since the highs of 6338, 145th day since the lows of 4531, 102nd day since the swing highs of 5629.
Nifty closed +ve after 5 consecutive down days.Nifty has taken support at 5150 levels and now should try to move higher. 5350+ should open up further upsides while close below 5150 should open further downsides. Between these two levels Nifty may be preparing for its next move.Monthly range till today stands at 179 points, while weekly range is 77 points. This is 3rd week of this month/quarter and Nifty remains in a narrow range.There are 2 possibilities I see as of today. 1. If nifty stays in 300-400 point range till around August end, that would be bullish sign for september onwards.2.If Nifty expands its range to 500+ in next 2-3 weeks, then Nifty may move in the direction of range expansion for some time.
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