Nifty drifted down today with low volumes and -ve breadth.Important points for today.
1.Nifty down by 0.7% with 0.7 breadth.
2.20th day since the lows of 4786(33 days of downturn).
Nifty moved sideways today with -ve bias and closed towards the low of the day.Another 1-2 days of action is needed to confirm that this leg of rally from 4967 has ended.
My possible scenarios as said earlier are -i)Nifty will have one more leg up after a correction.Correction should likely be not a deep one and stay above 5100-5150.
ii)Nifty's correction now is a deep cut over the next 2-3 weeks with possible target in the range of 4100-4500.This weekly closing should give more data to make a better estimate.
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