Nifty moved sideways around 5800 with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 0.6% with 2.2 breadth.
2. 576th day since the highs of 6338, 300th day since the lows of 4531, 32nd day since the swing highs of 6082.
Nifty paused today after yesterday's big move.If Nifty doesnot go down to revisit the lows of 5650 in next few days, I expect that 6100 will be taken out soon. Else if 5650 is defended then Nifty may move in sideways manner for sometime.Further downside in the near term look less likely.Weekly range now stands at 165 points and monthly range is also 165 points.
1. Nifty up by 0.6% with 2.2 breadth.
2. 576th day since the highs of 6338, 300th day since the lows of 4531, 32nd day since the swing highs of 6082.
Nifty paused today after yesterday's big move.If Nifty doesnot go down to revisit the lows of 5650 in next few days, I expect that 6100 will be taken out soon. Else if 5650 is defended then Nifty may move in sideways manner for sometime.Further downside in the near term look less likely.Weekly range now stands at 165 points and monthly range is also 165 points.
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