Nifty drifted down today below 5400 with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.3% with 0.3 breadth.
2.4th day since the highs of 5549.
Nifty broke the previous swing low of 5397 and closed below the previous low of 5414.This indicates that the medium term correction may have started.Further close below 5367 will confirm the medium term correction.Incase of medium term correction , Nifty should likely break the 5350 levels and go to 5200 levels in the next couple of days.5100-5200 is a good support area and I expect Nifty to take support in that area.Incase Nifty has started long term correction then there could be a big slide in the next 2weeks of the order of 20%+.
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