Nifty failed to cross 5950 levels and closed just above 5900 with higher volumes and neutral breadth. Important points for today.
1. Nifty down by 0.4% with 1.4 breadth.
2. 514th day since the highs of 6338, 238th day since the lows of 4531.
Nifty moved in 111 point range this week after big breakout of last week.Nifty after staging a 260 point range last week has compressed a lot this week. This puts question on the breakout above 5815 being fake.If that is the case Nifty may attempt 5950-6000 levels again and retreat sharply down from there in coming weeks.Monthly/Yearly range stands at 111/1361 points.
1. Nifty down by 0.4% with 1.4 breadth.
2. 514th day since the highs of 6338, 238th day since the lows of 4531.
Nifty moved in 111 point range this week after big breakout of last week.Nifty after staging a 260 point range last week has compressed a lot this week. This puts question on the breakout above 5815 being fake.If that is the case Nifty may attempt 5950-6000 levels again and retreat sharply down from there in coming weeks.Monthly/Yearly range stands at 111/1361 points.
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