Nifty had a sell off today.Previous low of 5160 was breached with -ve breadth and moderate volumes.
1.Nifty moved down by 1.5% with 0.2 breadth.
2.Since the previous low of 5160 was breached, so this should be part of downmove that started from 5399.So today was 18th day of downturn from 5399 after 40 days of rally from feb6th.
Today's move indicate that either Wave4 (upmove) or WaveA/Wave1 (downmove) may be unfolding.From here ,either Nifty could selloff in a big way or it could find support above/around 5000-5100 levels and go up again as wave5 and then crash down.I am more inclined towards wave4 scenario right now,Since its been 18 days since Nifty hit its peak of 5399/5374.After today,Nifty is down 130 points weekly, so Nifty should be due for a bounce (after some more fall!?) towards end of this week(unless this is big crash)
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