Nifty was sideways with downside bias amid higher volumes and +ve breadth. Important points for today.
1. Nifty down by 0.1% with 1.3 breadth.
2. 250th day since the lows of 5118, 143rd day since the lows of 5933.
Nifty moved in 73 point range and closed mildly in the red. Weekly , Nifty closed up by 1.65%. Weekly/Monthly range stands at 157 points. Nifty is moving in 8050-8150 range since last 3-4 days. Breach would lead to 100 pt move in the direction of breach immediately. No great triggers appear as of now for big move in either direction, so Nifty may keep inching up/down till it prepares ground for a new move in any direction. Nifty is moving in an upward sloping channel since Late may, so expected breach of this channel is on upside. Current high/low of the channels are 8150/7700.
1. Nifty down by 0.1% with 1.3 breadth.
2. 250th day since the lows of 5118, 143rd day since the lows of 5933.
Nifty moved in 73 point range and closed mildly in the red. Weekly , Nifty closed up by 1.65%. Weekly/Monthly range stands at 157 points. Nifty is moving in 8050-8150 range since last 3-4 days. Breach would lead to 100 pt move in the direction of breach immediately. No great triggers appear as of now for big move in either direction, so Nifty may keep inching up/down till it prepares ground for a new move in any direction. Nifty is moving in an upward sloping channel since Late may, so expected breach of this channel is on upside. Current high/low of the channels are 8150/7700.
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