Nifty drifted down today with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.7% with 0.5 breadth.
2.1st down day after 64 days of rally from lows of 4786(33 days of downturn).
Nifty broke the swing lows of last 3 days and closed below 5ema, indicating onset of short term correction.Break and close below 5400 will confirm the medium term correction of the rally from 4786.The rally was 763 points and 61% retracement of this rally is 471 points ie 5080.So Nifty could correct upto this level in short term.Any further weakness beyond 61% level with high momentum could result in markets crashing down.
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