Nifty closed flat with lower volumes and -ve breadth. Important points for today.
1. Nifty flat with 0.39 breadth.
2. 569th day since the highs of 6338, 293rd day since the lows of 4531,24 days since the swing closing highs of 6082.
Nifty closed the last week with loss of 0.6%. That was the 4th consecutive down week. Move of last 4 weeks does not exhibit any impulsive character as yet, that makes this move more probably a sideways correction.Range for this month till today is 227 points and for quarter is 286 points. Nifty is approaching support levels of 5800 in slowdown mode.This makes the chances of bounce from here more likely.
1. Nifty flat with 0.39 breadth.
2. 569th day since the highs of 6338, 293rd day since the lows of 4531,24 days since the swing closing highs of 6082.
Nifty closed the last week with loss of 0.6%. That was the 4th consecutive down week. Move of last 4 weeks does not exhibit any impulsive character as yet, that makes this move more probably a sideways correction.Range for this month till today is 227 points and for quarter is 286 points. Nifty is approaching support levels of 5800 in slowdown mode.This makes the chances of bounce from here more likely.
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