Nifty moved around 5300 levels with moderate volumes and neutral breadth. Important points for today.
1. Nifty closed flat with 0.7 breadth.
2. 436th day since the highs of 6338, 162nd day since the lows of 4531.
Nifty after crossing previous swing highs of 5348, has failed to cross it on closing basis this week.This could either be a pause or it could be a completion of countrend rally since lows of 4531.Next 2 weeks will clear up whether Nifty is likely to test lower support of 4600-4800 or it is consolidating in 5000-5300 zone for further upmoves. Monthly and quarterly range remain at 213/345 points.Quarterly range expansion is very much due.
1. Nifty closed flat with 0.7 breadth.
2. 436th day since the highs of 6338, 162nd day since the lows of 4531.
Nifty after crossing previous swing highs of 5348, has failed to cross it on closing basis this week.This could either be a pause or it could be a completion of countrend rally since lows of 4531.Next 2 weeks will clear up whether Nifty is likely to test lower support of 4600-4800 or it is consolidating in 5000-5300 zone for further upmoves. Monthly and quarterly range remain at 213/345 points.Quarterly range expansion is very much due.
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