Nifty closed below 5500 though with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 0.85% with 0.43 breadth.
2. 597th day since the highs of 6338, 321st day since the lows of 4531.
Nifty closed below the previous swing lows of 5548.Though Nifty is showing weakening momentum towards downside, but it is going down gradually over last few days. Monthly range now stands at 264 points and yearly range is 624 points. My outlook remains the same since Nifty is traversing the strong support zone of 5400-5500 and momentum is weak , so bounce is very much due.
1. Nifty down by 0.85% with 0.43 breadth.
2. 597th day since the highs of 6338, 321st day since the lows of 4531.
Nifty closed below the previous swing lows of 5548.Though Nifty is showing weakening momentum towards downside, but it is going down gradually over last few days. Monthly range now stands at 264 points and yearly range is 624 points. My outlook remains the same since Nifty is traversing the strong support zone of 5400-5500 and momentum is weak , so bounce is very much due.
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