Nifty drifted down in sideways manner with moderate volumes and neutral breadth. Important points for today.
1.Nifty down by 0.6% with 1.0 breadth.
2.7th day since the highs of 6284.
3.3rd weekly close below the highest weekly closing of 6143.
Nifty after yesterdays bounce drifted down.A short term bottom is in place for nifty in the range of 5960-5990.So if Nifty shows any strength next week, then only that bottom will be confirmed else Nifty's bounce may just be correction to the downside.Also it seems like Nifty is undergoing weekly correction, being down for 3 weeks(this week is almost flat),so capitulation on weekly is yet to be seen.My expectation is that Nifty in next 2 weeks (most probably) should probably make a medium term bottom.
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