Nifty Sold off with low volumes and -ve breadth. Important points for today.
1. Nifty down by 1.6% with 0.31 breadth.
2. 594th day since the highs of 6338, 318th day since the lows of 4531.
Nifty closed below 5600 levels today.Nifty is making lower lows in each attempt. Previous medium term swing lows of 5548 is being tested here by Nifty.This is 10th week since the reversal from 6100+. Nifty is exhausted at this point of time for further deeper downsides. For bear scenario, Nifty should consolidate/pause here for few days/weeks before resuming its descent.For bull scenario, Nifty may be ending its sideways consolidation since Oct5 and start a new impulsive upmove for 6100+.Monthly range is 189 points and yearly range is 546 points.
1. Nifty down by 1.6% with 0.31 breadth.
2. 594th day since the highs of 6338, 318th day since the lows of 4531.
Nifty closed below 5600 levels today.Nifty is making lower lows in each attempt. Previous medium term swing lows of 5548 is being tested here by Nifty.This is 10th week since the reversal from 6100+. Nifty is exhausted at this point of time for further deeper downsides. For bear scenario, Nifty should consolidate/pause here for few days/weeks before resuming its descent.For bull scenario, Nifty may be ending its sideways consolidation since Oct5 and start a new impulsive upmove for 6100+.Monthly range is 189 points and yearly range is 546 points.
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