Nifty traded in about 60 point range till afternoon but broke down later to close below 7750 level with high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.55 with 0.2 breadth.
2. 274th day since the lows of 5118, 167th day since the lows of 5933.
Nifty has broken down below 7800 level today. If unable to close above 7800 level in next 2 days then Nifty is in for medium term consolidation/Correction for next few weeks. 7200-7400 is major support trendline joining 5118-5933. Nifty has retraced about 70% of the rally from 7540-8180 in 25 days, though rally took 19 days only. Monthly range stands at 248 points till today.
1. Nifty down by 1.55 with 0.2 breadth.
2. 274th day since the lows of 5118, 167th day since the lows of 5933.
Nifty has broken down below 7800 level today. If unable to close above 7800 level in next 2 days then Nifty is in for medium term consolidation/Correction for next few weeks. 7200-7400 is major support trendline joining 5118-5933. Nifty has retraced about 70% of the rally from 7540-8180 in 25 days, though rally took 19 days only. Monthly range stands at 248 points till today.
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