Nifty sold off from 6100+ levels with lower volumes and +ve breadth. Important points for today.
1. Nifty down by 2.2% with 1.5 breadth.
2. 620th day since the highs of 6338, 343rd day since the lows of 4531.
Nifty resisted from old highs of 6100+ and closed below 6000 levels. Selloff was swift. It was more of index selloff and midcap/smallcap were relatively better. Also volumes were on lower side. All this indicates that this might be a correction of the 4 week surge. If true then Nifty should start going up again from around here. But if Nifty continues to go down to lower levels for next few days of this week also, then bigger bearish implications will open up in Nifty. Today's range was 132 points. Quarterly and yearly range remain at 637 points.Monthly range is 204 points till today.
1. Nifty down by 2.2% with 1.5 breadth.
2. 620th day since the highs of 6338, 343rd day since the lows of 4531.
Nifty resisted from old highs of 6100+ and closed below 6000 levels. Selloff was swift. It was more of index selloff and midcap/smallcap were relatively better. Also volumes were on lower side. All this indicates that this might be a correction of the 4 week surge. If true then Nifty should start going up again from around here. But if Nifty continues to go down to lower levels for next few days of this week also, then bigger bearish implications will open up in Nifty. Today's range was 132 points. Quarterly and yearly range remain at 637 points.Monthly range is 204 points till today.
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