Jul16 update

Nifty was in sideways move today with moderate volumes and neutral breadth.Important points for today.

1.Nifty up by 0.3% with 1.3 breadth.
2.38th day of rally since the lows of 4786(33 days of downturn).

Nifty is moving sideways since the last 4 days.I expect a thrust on the upside/downside.Upside thrust should be short lived and turn around in few days ,while downside thrust should pick up momentum for Nifty to go down.The coming week could be a decisive week for the turn in Nifty.I expect that the first 10-12 days of downside thrust should see the big fall in Nifty.SO any downside movement below 5300 will be critical.