Nifty brokedown below 5600 with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 2.55% with 0.26 breadth.
2. 681st day since the highs of 6338, 399th day since the lows of 4531.
Nifty had a big fall today below 5600 levels. Previous lows of 5566 were broken today and Nifty closed below that. Weekly range for this week is 287 points and monthly/Quarterly range is 287/572 points. August has started on high volatility. Today was 10th day of downturn from 6093. 5400-5450 will be the next support zone for Nifty now. Nifty is getting oversold but momentum on downside looks strong. If Nifty breaks 5500 zone decisively , then current range of 600(6100-5500) gives a target of ~4900 in next few weeks for Nifty.
1. Nifty down by 2.55% with 0.26 breadth.
2. 681st day since the highs of 6338, 399th day since the lows of 4531.
Nifty had a big fall today below 5600 levels. Previous lows of 5566 were broken today and Nifty closed below that. Weekly range for this week is 287 points and monthly/Quarterly range is 287/572 points. August has started on high volatility. Today was 10th day of downturn from 6093. 5400-5450 will be the next support zone for Nifty now. Nifty is getting oversold but momentum on downside looks strong. If Nifty breaks 5500 zone decisively , then current range of 600(6100-5500) gives a target of ~4900 in next few weeks for Nifty.
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