Nifty gave up the gains of last 4 days with high volumes and -ve breadth. Important points for today.
1. Nifty down by 4.1% with 0.23 breadth.
2. 687th day since the highs of 6338, 405th day since the lows of 4531.
Nifty dipped big breaking 5500 levels.Today's drop was 220 points. Nifty's range for this week was 258 points. On weekly basis,Nifty was down by 1.0% . Nifty has again come back to support levels of 5480 levels. Nifty is testing the 5500 support level for the 4th time in last 7 months. Given Friday's momentum, Nifty can breach 5400-5450 levels next week and head towards 5000-5200 levels. But if 5400 levels are sustained then Nifty can bounce back sharply.Yearly range is 752 points till today.So range expansion outside of 5477-6229 is coming soon.
1. Nifty down by 4.1% with 0.23 breadth.
2. 687th day since the highs of 6338, 405th day since the lows of 4531.
Nifty dipped big breaking 5500 levels.Today's drop was 220 points. Nifty's range for this week was 258 points. On weekly basis,Nifty was down by 1.0% . Nifty has again come back to support levels of 5480 levels. Nifty is testing the 5500 support level for the 4th time in last 7 months. Given Friday's momentum, Nifty can breach 5400-5450 levels next week and head towards 5000-5200 levels. But if 5400 levels are sustained then Nifty can bounce back sharply.Yearly range is 752 points till today.So range expansion outside of 5477-6229 is coming soon.
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