Nifty opened gap up but slid after that with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 0.2% with 0.67 breadth.
2. 707th day since the highs of 6338, 425th day since the lows of 4531.
Nifty closed flat after swinging big intraday. Nifty had a range of 157 points today and broke the last week's low to go below 5800 levels.Though Nifty has been moving sideways/correcting for last 4 days but the correction remains with the bullish bar of Last Monday(5738-5913) approx. That is a bullish sign .But on Upside , Nifty faces a big resistance at 5950-6000 levels and has corrected 3 times now from 5900+. So only a momentum move is likely to push Nifty beyond this resistance point.on the downside 5700-5730 is a gap area and will act as first support of Nifty. only a close below this gap will open the gates for further lows to 5500 levels. Weekly/Monthly range stand at 157/639 points.
1. Nifty down by 0.2% with 0.67 breadth.
2. 707th day since the highs of 6338, 425th day since the lows of 4531.
Nifty closed flat after swinging big intraday. Nifty had a range of 157 points today and broke the last week's low to go below 5800 levels.Though Nifty has been moving sideways/correcting for last 4 days but the correction remains with the bullish bar of Last Monday(5738-5913) approx. That is a bullish sign .But on Upside , Nifty faces a big resistance at 5950-6000 levels and has corrected 3 times now from 5900+. So only a momentum move is likely to push Nifty beyond this resistance point.on the downside 5700-5730 is a gap area and will act as first support of Nifty. only a close below this gap will open the gates for further lows to 5500 levels. Weekly/Monthly range stand at 157/639 points.
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