Nifty consolidated the gains of Friday with moderate volumes and +ve breadth. Important points for today.
1. Nifty up by 0.25% with 1.8 breadth.
2. 447th day since the lows of 4531, 36th day since the swing lows of 5118.
Nifty closed above 6200 today. Nifty is Just about floating on the surface of trendline resistance @ around 6200 levels. 6230-6350 are the next resistance for Nifty. If Nifty survives @6200 levels for another 1-2 day, then new highs above 6350 are going to come soon. Whether this is multi-year breakout will be known by movement above 6300 levels. Currently Nifty has 2 significant resistance in 150 point zone. So correction if any happens now will find support at 6000-5900 levels. Only if these levels are broken can we expect deeper supports to come into play. Today's range was 66 points and Monthly range now stands at 518 points.
1. Nifty up by 0.25% with 1.8 breadth.
2. 447th day since the lows of 4531, 36th day since the swing lows of 5118.
Nifty closed above 6200 today. Nifty is Just about floating on the surface of trendline resistance @ around 6200 levels. 6230-6350 are the next resistance for Nifty. If Nifty survives @6200 levels for another 1-2 day, then new highs above 6350 are going to come soon. Whether this is multi-year breakout will be known by movement above 6300 levels. Currently Nifty has 2 significant resistance in 150 point zone. So correction if any happens now will find support at 6000-5900 levels. Only if these levels are broken can we expect deeper supports to come into play. Today's range was 66 points and Monthly range now stands at 518 points.
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