Nifty moved sideways today with little extension of the low's of yesterday.Breadth was neutral to -ve and volumes were moderate.Important points for today.
1.Nifty down by 0.7% with 0.85 breadth.
2.60th day of rally from feb6th and 20th day of downturn from 5399.
Nifty extended its low by 17 points and moved up.It was sideways movement day.Nifty has now spent about 1.5 days in the 100 point range.Today being the 4th consecutive down day and below 5ema,Nifty looks like ready to bounce back.This bounce will be Wave5 or WaveB or Wave1 of a new 5 wave impulse is difficult to say.But seeing the weak upside momentum of Nifty since last few weeks/months and the current correction , Nifty may just bounce up only to deceive and then crash down.I expect the bounce to be in the range of 5300-5500.If bounce scenario is not valid , then Nifty should make a cut on the downside in coming 1-2 days towards lower support levels of 4700+.
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