Nifty moved in a very narrow range with lower volumes and -ve breadth.Important points for today.
1. Nifty flat with 0.66 breadth.
2. 458th day since the highs of 6338, 184th day since the lows of 4531.
Nifty moved in a 26 point range today, taking the monthly range to 232 points.Today's breadth indicates that Nifty may be entering near term correction phase now.Medium term trendline gives support @5000 levels. So a deeper correction if it happens may take Nifty to around that level.If Nifty finds support at lower 5000 level, that would be a very bullish scenario for the coming weeks till Diwali.
1. Nifty flat with 0.66 breadth.
2. 458th day since the highs of 6338, 184th day since the lows of 4531.
Nifty moved in a 26 point range today, taking the monthly range to 232 points.Today's breadth indicates that Nifty may be entering near term correction phase now.Medium term trendline gives support @5000 levels. So a deeper correction if it happens may take Nifty to around that level.If Nifty finds support at lower 5000 level, that would be a very bullish scenario for the coming weeks till Diwali.
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