Nifty gave up some of the gains of yesterday with high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.7% with 0.5 breadth.
2. 711th day since the highs of 6338, day since the lows of 4531,17th day since the swing lows of 5118.
Nifty exhibited high volatility today with 200 point downmove then 100 point upmove. Today's range was 198 points. Nifty dipped below the resistance zone of 5950-6000 but managed to close above it keeping the trendline breakout intact. If Nifty manages to close above 6100 in next 2 days then next resistance will be 6250-6350, else Nifty may have reversed from 6142 levels and headed down. Weekly/Monthly/Quarterly range now stand at 344/824/1024 points with 6 days to go in this month.
1. Nifty down by 1.7% with 0.5 breadth.
2. 711th day since the highs of 6338, day since the lows of 4531,17th day since the swing lows of 5118.
Nifty exhibited high volatility today with 200 point downmove then 100 point upmove. Today's range was 198 points. Nifty dipped below the resistance zone of 5950-6000 but managed to close above it keeping the trendline breakout intact. If Nifty manages to close above 6100 in next 2 days then next resistance will be 6250-6350, else Nifty may have reversed from 6142 levels and headed down. Weekly/Monthly/Quarterly range now stand at 344/824/1024 points with 6 days to go in this month.
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