Nifty fell down on opening and broke the previous lows by small amount but bounced back from there.Breadth was -ve and volumes were moderate.Important points for today.
1.Nifty down by 0.7% with 0.46 breadth.
2.Nifty broke the previous lows of 4984, so todays move was part of downfall from 5399.So today was 27th day of downturn from 5399(7th April).
Todays breach of previous lows , indicate that this may be wave5 of downturn from 5399.Nifty has retraced 435 out of 725 points in 27 days ie 60%.If the downturn is over or nearly over, we could see some consolidation around 4950-5100 levels before a bounce OR we could bounce right away.On the other hand if Nifty is still in downturn,I expect Nifty to continue its fall but with more intensity and sharper falls.
In these 27 days of downturn,Nifty has not fallen by 100 points or more on any day.This only says that downturn is not of sharp intensity.
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