Aug6 update

Nifty was in sideways with downward bias on moderate volumes and neutral breadth.Important points for today.

1.Nifty down by 0.15% with 1.0 breadth.
2.2nd down day after 51 days of rally from 4786.

Nifty closed the day below the lows of yesterday,confirming short term correction is on.Today's weekly closing nearly erased all the loss of previous week.If the short term correction stays above 5390 ,then I expect Nifty to make new high and new high weekly closing for next week.Then onwards Nifty could turn down OR If Nifty closed below 5367(last correction low)or breaches 5349(previous intraday low),then Nifty may have reversed from its rally from 4786.Including today,Nifty has done 53 days since the lows of 4786.Given the number of days that different rallies have lasted in the last 17 months,Nifty should be within 5-10 days from the top of this rally.