Nifty moved sideways today and didnot go down below yesterdays low.Volumes were low and breadth was marginally +ve.Important points for today.
1.Nifty up by 0.3% with 1.2 breadth.
2.11th day since the 4786 lows.
Nifty moved sideways today.Today being the 3rd day of consolidation/downfall.The upmove from 4960 took 3 days to reach 5147.In 3 days of downfall, Nifty has not broken the 4960 lows,so the down momentum is not big.If the downfall is complete,I expect Nifty to bounce towards 5100 levels in next 1-2 days.Weekly 5ema is at 5100 ,so I expect that the weekly closing could be around 5100 levels as Nifty bounced back strongly for last two weeks and it could take support at the weekly ema to go further up.Downside scenario will be considered if Nifty closes around 4900 or below.
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