Nifty followed yesterdays downmove by another 13 points.Breadth was +ve with moderate volumes.2 consecutive days of downside.Let's see how this fans out over next few days.Important points for today.
1.Nifty down by 0.2% with 1.2 breadth.
2.2 consecutive down day with moderate volumes.
3.Todays March monthly closing implies that Nifty is in wave5 monthly(uptrend) with potential targets ~5400(60% of wave3= 792x 0.6= 500-> 4882+500= 5382)on monthly closing basis.
If this is Wave2 weekly, then we should see a big cut to 5000-5100 by Monday/Tuesday.
And Nifty's Wave2 weekly closing low should go to about 5150-5200.
If this is Wave5 daily, then Nifty should bounce in next 2-3 days to ~5350-5400 levels, before starting with Wave2 weekly down wave.
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