Nifty could not sustain higher levels and closed below 5650 levels with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 0.75% with 0.6 breadth.
2. 479th day since the highs of 6338, 205th day since the lows of 4531.
Nifty attempted 5700+ levels but gave up the gains to close below 5650 levels.Nifty could go lower from here but if Nifty manages to claw back to 5700+ level on closing basis in next 2-3 days , then it is likely that Nifty may have completed its sideways move between 5600-5800 zone.Fresh longs should be initiated on Nifty showing strength moving above 5700 levels.Monthly range remains at 180 points.
1. Nifty down by 0.75% with 0.6 breadth.
2. 479th day since the highs of 6338, 205th day since the lows of 4531.
Nifty attempted 5700+ levels but gave up the gains to close below 5650 levels.Nifty could go lower from here but if Nifty manages to claw back to 5700+ level on closing basis in next 2-3 days , then it is likely that Nifty may have completed its sideways move between 5600-5800 zone.Fresh longs should be initiated on Nifty showing strength moving above 5700 levels.Monthly range remains at 180 points.
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