Oct20 Update

Nifty was sideways with -ve bias with lower volumes and -ve breadth.Important points for today.

1.Nifty down by 0.7% with 0.5 breadth.
2.5th day since the highs of 6284.
3.35th day since the previous swing low of 5350.
4.4th consecutive day below 5ema/20sma.


Nifty drifted below 6000 and closed below it.Nifty's fall after the bounce to 6127 is waning in momentum and thus I expect Nifty to turn up in short term with possible upside target of 6150-6200 by middle of next week.I think Nifty is undergoing ZigZag correction, and so another down leg should start unfolding from middle to later half of next week.