Nifty went further down below 5900 level with higher volumes and -ve breadth. Important points for today.
1. Nifty down by 1.4% with 0.48 breadth.
2. 673rd day since the highs of 6338, 391st day since the lows of 4531.
Nifty closed below the lows of previous week.This indicates that Nifty has likely hit a top at 6093 3 days back.This throws open new bearish scenarios for Nifty going ahead.The possibility that Nifty's rally from Dec2011 has completed in Jan2013 at 6111 has emerged. Move after 5477 could be an abc correction of downside impulse from 6111-5477. Next 1-2 seeks will make it clear regarding this possibilty. Bullish possibilities open up if Nifty manages to close above 6100 levels. Weekly range for this week stands at 197 points till today.
1. Nifty down by 1.4% with 0.48 breadth.
2. 673rd day since the highs of 6338, 391st day since the lows of 4531.
Nifty closed below the lows of previous week.This indicates that Nifty has likely hit a top at 6093 3 days back.This throws open new bearish scenarios for Nifty going ahead.The possibility that Nifty's rally from Dec2011 has completed in Jan2013 at 6111 has emerged. Move after 5477 could be an abc correction of downside impulse from 6111-5477. Next 1-2 seeks will make it clear regarding this possibilty. Bullish possibilities open up if Nifty manages to close above 6100 levels. Weekly range for this week stands at 197 points till today.
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