Nifty moved sideways today with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.4% with 0.9 breadth.
2.1st down day after 51 days of rally from 4786.
Nifty after moving sideways,came down in last 1 hour and closed below 5450.Todays -ve closing signals onset of short term correction.If the correction stays above 5390 for next 3-4 days then Nifty may likely attempt new highs just above 5500.This rally should most likely be the last of the complete rally from 4786.But If Nifty has topped out at 5467,then I expect to see either a fast move down in next few days or some sideways days on the downside followed by a big slide.
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