Nifty consolidated its gain of last 2 days with moderately high volumes and neutral breadth.Important points for today.
1.Nifty down by 0.2% with 0.75 breadth.
2.63rd day of rally/1st day of downturn.
3.3rd consecutive weekly close above 5400.
Nifty was sideways today,consolidating the gains of previous 2 days.The volumes and breadth were weak,indicating weak momentum for the upside rally.3 Consecutive weekly close above 5400 indicates Nifty is at inflection point,so if next 2-3 weeks are down, then Nifty may be heading for the much awaited big downward spiral.Close below 5400/5350 is confirmation of start of medium/long term downtrend.If Nifty's top is in place,and big downtrend has started/about to start, then 2nd/3rd week from now could be a big down week ie Week of 3rdSept/10th Sept.
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