Nifty corrected from 5800+ levels with high volumes and -ve breadth. Important points for today.
1. Nifty down by 0.7% with 0.42 breadth.
2. 472nd day since the highs of 6338, 198th days since the lows of 4531.
Nifty dad an erroneous plunge of 900 points but it closed just below 5750 levels. Given the high volumes supporting the -ve breadth, Nifty may have entered into short term correction within a medium term upmove. Nifty remains in firm upmove on weekly scale but may be consolidating the move to 5700+ now.Range for this quarter remains at 121 points (not including the erroneous signal) after first week.If Nifty keeps hovering in 5600-5900/6000 zone for next 2-3 weeks, that should be bullish sign for the coming weeks.
1. Nifty down by 0.7% with 0.42 breadth.
2. 472nd day since the highs of 6338, 198th days since the lows of 4531.
Nifty dad an erroneous plunge of 900 points but it closed just below 5750 levels. Given the high volumes supporting the -ve breadth, Nifty may have entered into short term correction within a medium term upmove. Nifty remains in firm upmove on weekly scale but may be consolidating the move to 5700+ now.Range for this quarter remains at 121 points (not including the erroneous signal) after first week.If Nifty keeps hovering in 5600-5900/6000 zone for next 2-3 weeks, that should be bullish sign for the coming weeks.
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