Nifty had a late afternoon sell off with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.3% with 0.4 breadth.
2.1st day of correction after 4 days of rally.(total 5 days of rally).
Nifty retraced more than 40% of its upmove of last 4 days.I would assume this retracement to be wave2 of the upmove aslong as previous lows of 4786 are not breached.Incase 4786 is breached, then Nifty should either take support @ 4700 levels or it will undergo bigger cut towards 4300-4000 levels.It is prudent to wait and see where the Nifty takes support,because if this indeed is Wave2, Nifty would bounce towards 5400 levels really fast.The expected correction at 5200 has occurred about 100 points earlier at 5100.
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