Nifty moved down today with high volumes and -ve breadth.Important points for today.
1.Nifty down by 0.75% with 0.55 breadth.
2.2nd down day after 54 days of rally from 4786(33 days of downturn).
Nifty came down for 2nd consecutive day and closed below 5ema and 20sma.Tomorrow's closing will be important,since Nifty must bounce back tomorrow if the rally from 4786 has some legs left else more weakness will push Nifty further down indicating the end of rally from 4786 and start of reversal.Even if Nifty bounces upward,I expect the upward push not to continue beyond middle of next week to be followed by reversal.
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