Nifty dropped below 6300 today with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 1.25% with 0.3 breadth.
2. 102nd day since the lows of 5118, 79th day since the lows of 5700.
Nifty opened gap down and closed below 6300 today. Todays range was 68 points. Nifty got resisted at 6350 again. This was 5th time Nifty tested 6350 level in last 3 months. The previous corrections from 6350 test have been shallow of the order of 5-6% and getting smaller. 6250 is good support of Nifty. Below 6250 is 6150 support from where Nifty has bounced 3 times. So Biaswise Nifty has support on downside while going above 6350 requires some momentum to cross resistance @6350. Trendline resistance of Nifty now sands at 6500-6600 and is a strong one. Weekly/Monthly range was at 112/219 points till today with 5 days to go in this month.
1. Nifty down by 1.25% with 0.3 breadth.
2. 102nd day since the lows of 5118, 79th day since the lows of 5700.
Nifty opened gap down and closed below 6300 today. Todays range was 68 points. Nifty got resisted at 6350 again. This was 5th time Nifty tested 6350 level in last 3 months. The previous corrections from 6350 test have been shallow of the order of 5-6% and getting smaller. 6250 is good support of Nifty. Below 6250 is 6150 support from where Nifty has bounced 3 times. So Biaswise Nifty has support on downside while going above 6350 requires some momentum to cross resistance @6350. Trendline resistance of Nifty now sands at 6500-6600 and is a strong one. Weekly/Monthly range was at 112/219 points till today with 5 days to go in this month.
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