Nifty was sideways today with downside bias with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.5% with 0.77 breadth.
2.2nd day since the highs of 6032.(84 days of rally).
3.1st time since the rally from 5350 that more than 1 bar has been reversed(in 2days).
Nifty drifted down today with sideways movement.The upside momentum has slowed/reversed.Since the rally from 5350 was a momentum rally so any slowdown/downside should probably indicate the end of rally.If true I expect retracement upto 20sma in next few days ie ~5700.Nifty could cut down big after pausing at 5700 around/after expiry.Any upward thrust above 6037 though will negate the downside scenario and indicate that the rally from 5350 still continues.
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