Nifty traded above 6100 in first half only to selloff in the last 2 hrs with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.8% with 0.9 breadth.
2.4th down day since the highs of 6284.
3.34th day since the previous swing low of 5350.
4.Nifty closed below 5ema/20sma for 3rd consecutive day.
Nifty faced resistance at 6100+ levels and sold off intensely during last 2hr and closed at the lows of the day.My probable bear scenarios as mentioned earlier say that either Nifty will bottom out for short term in 1-2 days around 5950 and then bounce back above 6100 by middle of next week before going down again OR Nifty will fall big in the next 2-3 days.5960 remains a critical Pivotal point and momentum breach of 5960 with hourly and daily closing below it should likely see Nifty crashing down.
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