Nifty moved sideways with downside bias with higher volumes and -ve breadth.Important points for today.
1.Nifty down by 0.3% with 0.47 breadth.
2.85th day since the lows of 4786.
3.15th day since the lows of 5350/5402.
Nifty broke yesterdays low and closed in the red, though within yesterdays bar.Another 1-2 days of -ve price action will be needed to confirm the reversal of Nifty in short term.The move from 5350 is parabolic in nature , so reversal can be expected to be sharp and swift.Since last pause/correction ,Nifty made a new high 136 points higher before taking another pause today.So the rally from 5350 is slowing down and is nearing its top.
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