Nifty moved down below 5300 today with increased volumes and -ve breadth.IMportant points for today.
1.Nifty down by 1% with 0.55 breadth.
2.23rd day since the lows of 4786 and 4th down day since the high of 5366.
Nifty closed well below 5300 levels but still had a marginally +ve weekly closing.Last 4 days of downturn is of weak to moderate momentum and should have ended or may take another 1-2 days.We have important support at 5150-5200 levels.Nifty should likely take support around these levels and give a bounce.The quality of the bounce will determine the next move, up or down.On the downside I expect to see levels of 5000-5100 levels by next weekly closing if Nifty is going for a cut of 1000+ points.
As per the observation,on 1st big cut after a bull market Nifty cuts down to 70-80% of the fall in 6-10 days from the peak.And today was the 4th day after the high of 5366.
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