Nifty slid further below 6150 with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 0.8% with 0.31 breadth.
2. 106th day since the lows of 5118, 58th day since the highs of 6342.
Nifty opened gap down and kept sliding down but managed to recover some ground towards the end and closed near the highs of the day. Nifty has created 2 gaps in its fall from 6355 , @6263-6188 and @6109-6083. These gaps will provide resistance on any pullback of Nifty.Today range was 57 points and Weekly/Monthly range stands at 161/331 points. Today's late pullback in Nifty may extend further and if sustains above 6140 level may target 6200+ then. 5972 is critical point of Nifty, if broken then Nifty should see 5900- levels soon. 5750-5850 is strong support zone and Nifty may not break this zone easily. Sustaining above 6250 levels will indicate any bullish strength in Nifty. The move from 6342 though appears to be a sideways move between 6000-6400 after upmove from 5118-6342.
1. Nifty down by 0.8% with 0.31 breadth.
2. 106th day since the lows of 5118, 58th day since the highs of 6342.
Nifty opened gap down and kept sliding down but managed to recover some ground towards the end and closed near the highs of the day. Nifty has created 2 gaps in its fall from 6355 , @6263-6188 and @6109-6083. These gaps will provide resistance on any pullback of Nifty.Today range was 57 points and Weekly/Monthly range stands at 161/331 points. Today's late pullback in Nifty may extend further and if sustains above 6140 level may target 6200+ then. 5972 is critical point of Nifty, if broken then Nifty should see 5900- levels soon. 5750-5850 is strong support zone and Nifty may not break this zone easily. Sustaining above 6250 levels will indicate any bullish strength in Nifty. The move from 6342 though appears to be a sideways move between 6000-6400 after upmove from 5118-6342.
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