Nifty gave up some gains with higher volumes and -ve breadth. Important points for today.
1. Nifty down by 0.5% with 0.33 breadth.
2. 223rd day since the lows of 5118, 116th day since the lows of 5933.
Nifty pullback form 7840 levels to test 7750 and close just below 7800 levels. Today range was 92 points and weekly range was 166 points. Nifty ended the week with a gain of 1.7% . Nifty's today bar has a long tail red bar, indicating bounce from 7750. Nifty may retest 7750 again. If Nifty gets up from there new highs may come else Nifty may be headed for deeper correction. 7700-7750 should be the main support. Strong divergence is there on hourly charts but daily chart looks ok, so Nifty may jump again from 7750 level is that is maintained. Monthly range stands at 418 points.
1. Nifty down by 0.5% with 0.33 breadth.
2. 223rd day since the lows of 5118, 116th day since the lows of 5933.
Nifty pullback form 7840 levels to test 7750 and close just below 7800 levels. Today range was 92 points and weekly range was 166 points. Nifty ended the week with a gain of 1.7% . Nifty's today bar has a long tail red bar, indicating bounce from 7750. Nifty may retest 7750 again. If Nifty gets up from there new highs may come else Nifty may be headed for deeper correction. 7700-7750 should be the main support. Strong divergence is there on hourly charts but daily chart looks ok, so Nifty may jump again from 7750 level is that is maintained. Monthly range stands at 418 points.
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