Nifty was sideways with downside bias and moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.1% with 0.7 breadth.
2.89th day of rally since the lows of 4786.
3.19th day of rally from 5350/5402.
Nifty drifted down in sideways manner.Nifty has slowed down in last few days with -ve breadth, indicating Nifty needs a consolidation/correction now before the next move.Since the duration of the rally has stretched to 89 days,so the correction may also be the medium term correction.My indicators point to probable correction in 1st week and last week of October.But I am not expecting the big crash to sub 4500 levels in this correction.For that I suppose $index turning up and SPX going down below 900 will be needed which I don't see them running in that direction atleast in the coming weeks.
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