Nifty went further down below 5750 with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 1.35% with 0.3 breadth.
2. 676th day since the highs of 6338,394th day since the lows of 4531.
Nifty closed in the red for the 5th consecutive day. Nifty has entered into a downtrend now. 5700-5750 is the gap region during the rally from 5566 ,so it is likely to provide support to Nifty for some bounce. Nifty's downside momentum looks like it has more way to go, so shorting on any bounce can be initiated. Monthly range now stands at 346 points.
1. Nifty down by 1.35% with 0.3 breadth.
2. 676th day since the highs of 6338,394th day since the lows of 4531.
Nifty closed in the red for the 5th consecutive day. Nifty has entered into a downtrend now. 5700-5750 is the gap region during the rally from 5566 ,so it is likely to provide support to Nifty for some bounce. Nifty's downside momentum looks like it has more way to go, so shorting on any bounce can be initiated. Monthly range now stands at 346 points.
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