Nifty opened down and kept sliding t0 lower 5700 levels with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 1.7% with 0.55 breadth.
2. 717th day since the highs of 6338, 435th day since the lows of 4531, 23rd day since the swing lows of 5118, 7th day since the swing highs of 6142.
Nifty today closed below 5738(low of Bullish Candle) in the Gap. This is a support zone and Nifty is entering in this zone with reduced momentum so likely that support will induce short term bounce. Today's range was 92 points.Quarterly range ended at 1024 and monthly range at 824 points. Yearly range till now stands at 1111 points. I expect to see some yearly range expansion in this quarter, so 6229/5118 should breach in this quarter.
1. Nifty down by 1.7% with 0.55 breadth.
2. 717th day since the highs of 6338, 435th day since the lows of 4531, 23rd day since the swing lows of 5118, 7th day since the swing highs of 6142.
Nifty today closed below 5738(low of Bullish Candle) in the Gap. This is a support zone and Nifty is entering in this zone with reduced momentum so likely that support will induce short term bounce. Today's range was 92 points.Quarterly range ended at 1024 and monthly range at 824 points. Yearly range till now stands at 1111 points. I expect to see some yearly range expansion in this quarter, so 6229/5118 should breach in this quarter.
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