Nifty moved in a narrow downside range with -ve breadth and moderate volumes.It closed below 5ema again.Important points for today.
1.Nifty moved down by 0.3% with 0.75 breadth.
2.Nifty not able to sustain above 5ema for 2 days now.
3.44th day of rally or 4th day of downturn.
The Wave count are still not clear and will need some more data.But it is the first time since this rally from feb6th that Nifty after falling below 5ema and rebounding above it, is not able to sustain above 5ema and has fallen again below 5ema without taking a new high.This is a pointer towards beginning of correction.Let's wait and see for market to confirm its move.
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