Nifty had a sideway day though it broke yesterdays low with lighter volumes and -ve breadth.Important points for today.
1.Nifty down by 0.25% with 0.75 breadth.
2.28th day since the lows of 4786(33 days of downturn).
3.9th day since the high of 5366.
Nifty moved sideways but broke yesterdays low.Nifty has closed below the 4786-4967 trendline for 2 days.This along with the fact that the high of 5366 has not been taken out for 9 days,implies that the rally may be over.I expect Nifty to fall to around 5150 and give a suckers bounce to around 5300 before falling down to newer lows below 4786.The coming few weeks till September 15 are going to see lot of volatile action and may provide great opportunity for shorting.So Be extra careful.
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