Nifty surpassed 5900 in early today before pulling back with higher volumes and -ve breadth.Important points for today.
1.Nifty down by 0.5% with 0.4 breadth.
2.1st down day after 80 days of rally from 4786.
Nifty pull back today though well within the Previous days bar.Nifty is due for short term correction,so may have started it today.In such a case I expect Nifty to pullback more probably upto ~5600.5350-5550 is the previous range that Nifty broke so that is a strong support zone.So If Nifty is entering into medium term reversal then this pullback should stop well above 5550 and then enter into the support zone with big momentum inorder to break below it.Nifty's behaviour of the next few days will tell the intentions where Nifty intend to go.
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