Nifty dipped below 5900 levels with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 0.6% with 0.42 breadth.
2. 558th day since the highs of 6338, 282nd day since the lows of 4531.
Nifty slid further and closed the week with a loss of 1.6%. Nifty has dropped 2.9% in 2weeks. Short term Nifty may be close to bottoming but medium term correction looks like has begun. Nifty's weekly range was 155 points and monthly/Quarterly range stands at 169/228 points. Nifty has done the weekly close below the lows of January.This is a bearish signal.
1. Nifty down by 0.6% with 0.42 breadth.
2. 558th day since the highs of 6338, 282nd day since the lows of 4531.
Nifty slid further and closed the week with a loss of 1.6%. Nifty has dropped 2.9% in 2weeks. Short term Nifty may be close to bottoming but medium term correction looks like has begun. Nifty's weekly range was 155 points and monthly/Quarterly range stands at 169/228 points. Nifty has done the weekly close below the lows of January.This is a bearish signal.
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