Nifty slipped below 8400 today amid higher volumes and -ve breadth. Important points for today.
1. Nifty down by 0.5% with 0.52 breadth.
2. 294th day since the lows of 5118, 192nd day since the lows of 5933.
Nifty made a higher high at open and slipped after that to close in the red below 8400. Todays range was 90 points and Weekly range stands at 106 points. Nifty closed just above 7ema today. Further weakness below 7ema will lead to Nifty seeking lower support at 8200 levels ie consecutive hourly closing below 8350 indicate short top formation at 8455. But if Nifty retains 8350 level , then newer high may come by early next week above 8500 level. Monthly range is 164 points till today. Monthly range expansion is very likely by atleast 80-100 points, so 8290 Or 8455 will breach by ~100 points in this expiry.
1. Nifty down by 0.5% with 0.52 breadth.
2. 294th day since the lows of 5118, 192nd day since the lows of 5933.
Nifty made a higher high at open and slipped after that to close in the red below 8400. Todays range was 90 points and Weekly range stands at 106 points. Nifty closed just above 7ema today. Further weakness below 7ema will lead to Nifty seeking lower support at 8200 levels ie consecutive hourly closing below 8350 indicate short top formation at 8455. But if Nifty retains 8350 level , then newer high may come by early next week above 8500 level. Monthly range is 164 points till today. Monthly range expansion is very likely by atleast 80-100 points, so 8290 Or 8455 will breach by ~100 points in this expiry.
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