Nifty had a selloff today with -ve breadth and good volumes.Overall weakness was there in broader markets.Important points for today.
1.Nifty moved down by 1.8% with 0.2 breadth
2.2nd day of downturn after 5 days up.
3.First big selloff of this order since the rally began on feb6th.
Todays selloff was big and broad, and this character puts in doubt that it would be wave4 daily unless we get a rebound in next 1-2 days.Character of Wave4 is slow & gradual decline .Though todays move was big but was within the range Nifty had its previous fall,So Wave4 cannot be ruled out completely also.But incase it is Wave1 down then we should see Nifty levels of 4900-5000 levels in next few days. After todays -ve breadth,Nifty could take a breather before heading further down.Lets watch action of next few days.
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