Nifty had light gap down day today. Nifty showed some strength during the day. It went down earlier but during the closing it close above 50% daily range which shows that there are demand below todays low.
There wasnt much activity in the market so Market breadth hasn't changed much still in limbo situation as we have heavy selling days following by heavy positive days.
overbought-oversold ration hasn't changed much either. Everybody seems to be waiting for market to move in either direction.
On standard deviation lines, current market is oversold on short term (2 months) but in longer term (6 months) its is overbought.
I am still not comfortable to take trade in this choppy market.
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