Nifty moved up above 5550 with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 0.85% with 2.15 breadth.
2. 683rd day since the highs of 6338, 401st day since the lows of 4531.
Nifty closed in the green today above 5550. Weekly closing was down by 2.0%. Today's breadth was +ve but not matched by Price action. This indicates that further downslide in the next week may be coming soon.5600-5650 are the possible 1st reversal points. Trendline support comes in at ~5300+ levels but gap at 5450+ is also support level that is holding as of now.This week's range was 235 points and monthly range is now 322 points.
1. Nifty up by 0.85% with 2.15 breadth.
2. 683rd day since the highs of 6338, 401st day since the lows of 4531.
Nifty closed in the green today above 5550. Weekly closing was down by 2.0%. Today's breadth was +ve but not matched by Price action. This indicates that further downslide in the next week may be coming soon.5600-5650 are the possible 1st reversal points. Trendline support comes in at ~5300+ levels but gap at 5450+ is also support level that is holding as of now.This week's range was 235 points and monthly range is now 322 points.
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