Nifty was sideways with -ve bias and high volumes and +ve breadth.Important points for today.
1.Nifty down by 0.25% with 1.35 breadth.
2.94th day since the lows of 4786.
3.24th day since the swing low of 5350.
Nifty failed to go above 6200 levels today and closed in the red.If this is a consolidation/pause,Nifty will bounce up above 6200 in next 1-2 days else Nifty should go to previous swing low of 5950.On the down scenario , I expect Nifty to hang/bounce from around 5950 for 2-3 days before falling down towards 5500 levels.The move from 5950-5500 should be sharp and swift.Remaining 3 days of this week will clear up whether Nifty is positioning itself for the fall OR it wants to scale up further.
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