Nifty slide down towards 5800 levels with lower volumes and neutral breadth. Important points for today.
1. Nifty down by 0.8% with 1.0 breadth.
2. 716th day since the highs of 6338, 434th day since the lows of 4531, 22nd day since the swing lows of 5118, 6th day since the swing high of 6142.
Nifty closed down below 5850 today reversing all of last week's gain and down 3% weekly closing basis. Lower volumes of today indicate that today's fall is not supported by volume. Nifty is nearing support of 5688-5738(gap) also, so bounce in Nifty should be expected on further dip down from here. This week's range was 178 points and monthly/quarterly range stand at 824/1024 points. Yearly range till now is 1111 points while last year's range was 1377 points. About 100-150 points more may be added to this year's range in next quarter(5118-6229).
1. Nifty down by 0.8% with 1.0 breadth.
2. 716th day since the highs of 6338, 434th day since the lows of 4531, 22nd day since the swing lows of 5118, 6th day since the swing high of 6142.
Nifty closed down below 5850 today reversing all of last week's gain and down 3% weekly closing basis. Lower volumes of today indicate that today's fall is not supported by volume. Nifty is nearing support of 5688-5738(gap) also, so bounce in Nifty should be expected on further dip down from here. This week's range was 178 points and monthly/quarterly range stand at 824/1024 points. Yearly range till now is 1111 points while last year's range was 1377 points. About 100-150 points more may be added to this year's range in next quarter(5118-6229).
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