Nifty had a big sell off today with -ve breadth and increased volumes.Important points for today.
1.Nifty down by 2.9% with 0.15 breadth.
2.29th day of downturn from 5399(7th April).
3.1st day during last 29 days that Nifty fell by more 100 points(pointing to increased intensity selling).
Nifty broke the 200DMA and closed below it.It was high intensity selling witnessed first time during this downturn.The options I consider now are ,if Nifty bounces back tomorrow and regains 200DMA then the downturn may be end, but if Nifty follows up with another new swing low towards 4800-4700 by tomorrow/Friday, then I expect Nifty to crash down on Monday /Tuesday to 4300-4500 levels.I don't anticipate Nifty going below 4300 during this leg of downturn.
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