Nifty moved sideways today after friday's big move with higher volumes and neutral breadth. Important points for today.
1. Nifty down by 0.4% with 1.6 breadth.
2. 464th day since the highs of 6338, 190th day since the lows of 4531.
Nifty is consolidating the gains scored in previous week.Nifty staying above 5500-5550 levels may just be pausing after big move in last 3 weeks.If Nifty stays sideways between 5500-5700+ this week, then I would expect that Nifty would likely resume the uptrend in next weeks.Monthly/Quarterly range remain at 505/688 points.Yearly range stands at 1132 points till today.Since next quarter is the last quarter, and Nifty has broken on upside , so yearly range expansion of 400-500 is likely to happen in next quarter.This after today's closing gives target of 6100-6200 levels.
1. Nifty down by 0.4% with 1.6 breadth.
2. 464th day since the highs of 6338, 190th day since the lows of 4531.
Nifty is consolidating the gains scored in previous week.Nifty staying above 5500-5550 levels may just be pausing after big move in last 3 weeks.If Nifty stays sideways between 5500-5700+ this week, then I would expect that Nifty would likely resume the uptrend in next weeks.Monthly/Quarterly range remain at 505/688 points.Yearly range stands at 1132 points till today.Since next quarter is the last quarter, and Nifty has broken on upside , so yearly range expansion of 400-500 is likely to happen in next quarter.This after today's closing gives target of 6100-6200 levels.
No comments:
Post a Comment