Nifty continues its slide with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 1.0% with 0.5 breadth.
2. 51st day since the swing lows of 5118, 28th day since the swing lows of 5700. 6th day since the swing highs of 6342.
Nifty closed below 6050 today and has breached the support zone and previous swing of 6050-6032. Nifty shows +ve divergence on RSI on hourly scale , so bounce may happen soon. Trade above 6100 will turn the short term trend up and above 6200, Nifty may scale new highs. Below 6000 levels 5950/5800 may be tested. Today range was 97 points. Weekly/Monthly range stands at 130/331 points.
1. Nifty down by 1.0% with 0.5 breadth.
2. 51st day since the swing lows of 5118, 28th day since the swing lows of 5700. 6th day since the swing highs of 6342.
Nifty closed below 6050 today and has breached the support zone and previous swing of 6050-6032. Nifty shows +ve divergence on RSI on hourly scale , so bounce may happen soon. Trade above 6100 will turn the short term trend up and above 6200, Nifty may scale new highs. Below 6000 levels 5950/5800 may be tested. Today range was 97 points. Weekly/Monthly range stands at 130/331 points.
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