Nifty bounced strongly with moderate volumes but -ve breadth. Important points for today.
1. Nifty up by 1.1% with 0.55 breadth.
2. 426th day since the highs of 6338, 152nd day since the lows of 4531.
Nifty tested 5150 levels today but gave up some gains to close just a tad below 5100.Today was 3rd consecutive -ve weekly closing. Nifty this week has closed below lows of last week on all days.On Daily timeframe, Nifty has capitulated and the bounce should continue for few days.On Weekly basis Nifty may/may not have capitulated and there may be more downside left. Monthly range stands at 316 points till today with 2 days to go.
1. Nifty up by 1.1% with 0.55 breadth.
2. 426th day since the highs of 6338, 152nd day since the lows of 4531.
Nifty tested 5150 levels today but gave up some gains to close just a tad below 5100.Today was 3rd consecutive -ve weekly closing. Nifty this week has closed below lows of last week on all days.On Daily timeframe, Nifty has capitulated and the bounce should continue for few days.On Weekly basis Nifty may/may not have capitulated and there may be more downside left. Monthly range stands at 316 points till today with 2 days to go.
No comments:
Post a Comment