Nifty tested 5850 and hovered around 5900 levels with moderate volumes and neutral breadth. Important points for today.
1. Nifty flat with 0.85 breadth.
2. 713th day since the highs of 6338, 431st day since the lows of 4531, 19th day since the swing lows of 5118.
Nifty attempted bounce from 5850 but could not go beyond 5938 and closed almost flat.Todays range was 84 points and weekly range is 135 points. Nifty is sliding towards the trendline joining 5118-5318, so bounce is expected from here and divergence is also showing up on Nifty intraday charts indicating support for Nifty. It is likely that rally from 5118 is still on and last 8-9 days is just consolidation phase and new upmove may begin now with confirmation coming on close above 6100 levels.
1. Nifty flat with 0.85 breadth.
2. 713th day since the highs of 6338, 431st day since the lows of 4531, 19th day since the swing lows of 5118.
Nifty attempted bounce from 5850 but could not go beyond 5938 and closed almost flat.Todays range was 84 points and weekly range is 135 points. Nifty is sliding towards the trendline joining 5118-5318, so bounce is expected from here and divergence is also showing up on Nifty intraday charts indicating support for Nifty. It is likely that rally from 5118 is still on and last 8-9 days is just consolidation phase and new upmove may begin now with confirmation coming on close above 6100 levels.
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