Nifty moved in 58 point range with moderate volumes and neutral breadth. Important points for today.
1. Nifty up by 0.05% with 0.8 breadth.
2. 440th day since the highs of 6338, 166th day since the lows of 4531.
Nifty's range for this week stands at 90 points after being 117 for last 2 weeks.This week Nifty has ended with 0.9% gain after scoring 2.0%+ gains in previous 2 weeks.Above 5300, Nifty is finding difficult to cross the 5400 zone. Breakout above 5400 will only indicate whether Nifty may sustain further upsides and test of lower support levels may happen again.Range for monthly/Quarterly stands at 235/367 points.For deeper downsides in this quarter, I expect next 3 weeks is the time range.If Nifty does not breach sub5000 level in next 3 weeks or so timeframe, then upside momentum should be there to propel Nifty higher.
1. Nifty up by 0.05% with 0.8 breadth.
2. 440th day since the highs of 6338, 166th day since the lows of 4531.
Nifty's range for this week stands at 90 points after being 117 for last 2 weeks.This week Nifty has ended with 0.9% gain after scoring 2.0%+ gains in previous 2 weeks.Above 5300, Nifty is finding difficult to cross the 5400 zone. Breakout above 5400 will only indicate whether Nifty may sustain further upsides and test of lower support levels may happen again.Range for monthly/Quarterly stands at 235/367 points.For deeper downsides in this quarter, I expect next 3 weeks is the time range.If Nifty does not breach sub5000 level in next 3 weeks or so timeframe, then upside momentum should be there to propel Nifty higher.
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