Aug25 update

Nifty drifted further down today with moderate volumes and -ve breadth.Important points for today.

1.Nifty down by 0.8% with 0.25 breadth.
2.2nd down day after 64 days of rally since the lows of 4786(33 days of downturn).

Nifty went down for 2nd consecutive day with breadth of 0.25.If this short term correction Nifty should pause here and consolidate/bounce from here.If not and Nifty closes below 5400 , then Nifty has entered medium term correction with possible targets of 4900-5100.If Nifty breaches these levels also,then Nifty may be entering long term correction ie Bear phase.In Bear phase , I expect Nifty to come down to 4000-4500 levels in the first cut in about 15 days time from the highs ie Aug23.