Nifty underwent moderate correction and closed just above 5550 today. Important points for today.
1. Nifty down by 0.8% with 0.52 breadth.
2. 462nd day since the highs of 6338, 188th day since the lows of 4531.
Nifty opened gapped down today and closed near day's low with moderately high volumes and neutral breadth.Volumes though high but were less than the breakout days.Nifty is in short term correction and the next trigger point is when Nifty closes above 5650 levels.Only a close below 5400 levels would indicate that Nifty's breakout was false.Monthly/Quarterly range remain at 432/620 points with 6 days to go.
1. Nifty down by 0.8% with 0.52 breadth.
2. 462nd day since the highs of 6338, 188th day since the lows of 4531.
Nifty opened gapped down today and closed near day's low with moderately high volumes and neutral breadth.Volumes though high but were less than the breakout days.Nifty is in short term correction and the next trigger point is when Nifty closes above 5650 levels.Only a close below 5400 levels would indicate that Nifty's breakout was false.Monthly/Quarterly range remain at 432/620 points with 6 days to go.
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