Nifty reversed all of yesterdays gain and closed below the lows with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.5% with 0.44 breadth.
2.25th day since the lows of 4786(33 days of downturn).
Nifty dropped big today and broke and closed below fridays swing low of 5259.Nifty touched the trendline from 4786 and closed just above it.Now is a critical point,if Nifty stages a bounce from here it will be Wave5 with possible targets above 5400.But if Nifty continues its downmove,it will cut the trendline in a day or two and there could be violent big fall to next major support at 4700-4800.Next 3 days of the week will be very interesting to gauge the next big move of the Nifty.
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