Nifty slid below 5300 with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 0.7% with 0.44 breadth.
2. 412th day since the highs of 6338, 138th day since the lows of 4531, 95th day since the swing highs of 5629.
Nifty closed below 5300 today amid narrow range. This week Nifty is likely to test the gap of 5160-5190 levels. Any drop below these levels will open further downsides below 5000 levels. Nifty's range expansion may be beginning but evidence is needed to confirm.If Nifty's 5 week upmove is complete , then Nifty's retrace may be starting here for first target of 4770.
1. Nifty down by 0.7% with 0.44 breadth.
2. 412th day since the highs of 6338, 138th day since the lows of 4531, 95th day since the swing highs of 5629.
Nifty closed below 5300 today amid narrow range. This week Nifty is likely to test the gap of 5160-5190 levels. Any drop below these levels will open further downsides below 5000 levels. Nifty's range expansion may be beginning but evidence is needed to confirm.If Nifty's 5 week upmove is complete , then Nifty's retrace may be starting here for first target of 4770.
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