Nifty swung wildly with high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.9% with 0.5 breadth.
2. 690th day since the highs of 6338, 408th day since the lows of 4531.
Nifty broke below 5300 towards the end. Today's fall confirms that medium term Nifty is in Bear Mode since Jan/May 2013. First leg of this fall is from Jan-April(6111-5477) , then sideways movement for 3 months between 5500-6200 , and now Nifty has broken below 5500. Trendline at 5300 is also breached today. But this trendline connects medium term lows of 4531-4770, so pause/bounce should happen for few days/weeks in next 1-3 days as some support should come in at this point.Nifty expanded its range today. Weekly/Monthly/Quarterly/Yearly range now stand at 236/540/825/961 points.
1. Nifty down by 1.9% with 0.5 breadth.
2. 690th day since the highs of 6338, 408th day since the lows of 4531.
Nifty broke below 5300 towards the end. Today's fall confirms that medium term Nifty is in Bear Mode since Jan/May 2013. First leg of this fall is from Jan-April(6111-5477) , then sideways movement for 3 months between 5500-6200 , and now Nifty has broken below 5500. Trendline at 5300 is also breached today. But this trendline connects medium term lows of 4531-4770, so pause/bounce should happen for few days/weeks in next 1-3 days as some support should come in at this point.Nifty expanded its range today. Weekly/Monthly/Quarterly/Yearly range now stand at 236/540/825/961 points.
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