Nifty opened above 6350 level but could not sustain and sold off heavily below 6250. Important points for today.
1. Nifty down by 1.3% with 0.43 breadth.
2. 86th day since the lows of 5118, 63rd day since the lows of 5700.
Nifty made a big move today by closing below 6250 after opening above 6350 levels. Todays range was 147 points. Nifty has closed below important support of 6230-6250 implies that further weakness could be seen in short term with 6150 as nearest support level. Trendline joining 5700-5972 is near 6200, so Nifty is currently hovering at trendline support. Decisive break below 6200 , 5800 is major support level. But if Nifty takes support at 6200 then that is very bullish scenario and 6450-6600 could be seen in that case.
1. Nifty down by 1.3% with 0.43 breadth.
2. 86th day since the lows of 5118, 63rd day since the lows of 5700.
Nifty made a big move today by closing below 6250 after opening above 6350 levels. Todays range was 147 points. Nifty has closed below important support of 6230-6250 implies that further weakness could be seen in short term with 6150 as nearest support level. Trendline joining 5700-5972 is near 6200, so Nifty is currently hovering at trendline support. Decisive break below 6200 , 5800 is major support level. But if Nifty takes support at 6200 then that is very bullish scenario and 6450-6600 could be seen in that case.
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