Nifty dropped below 7750 though with lower volumes and -ve breadth. Important points for today.
1. Nifty down by 0.5% with 0.5 breadth.
2. 224th day since the lows of 5118, 117th day since the lows of 5933.
Nifty tested just 7800 level and dropped to 7722 before recovering some ground. Today range was 77 points. Todays volume were low , indicating that fall is not supported by volumes. Nifty closed just above 7ema.If today's low is preserved(ie not breached on closing basis ) in this week, then next week could turn out to be bullish. But if Nifty drops below 7700 level, then it may be bearish or sideways move in short term.
1. Nifty down by 0.5% with 0.5 breadth.
2. 224th day since the lows of 5118, 117th day since the lows of 5933.
Nifty tested just 7800 level and dropped to 7722 before recovering some ground. Today range was 77 points. Todays volume were low , indicating that fall is not supported by volumes. Nifty closed just above 7ema.If today's low is preserved(ie not breached on closing basis ) in this week, then next week could turn out to be bullish. But if Nifty drops below 7700 level, then it may be bearish or sideways move in short term.
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