Nifty remains in corrective mode with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.3% with 0.57 breadth.
2.97th day since the lows of 4786.
3.27th day from previous swing low of 5350.
4.1st weekly correction after 5 weeks.
Nifty continued its correction but recovered from the lows towards the end.For the short term correction,this is near capitulation now.So a Bounce should come for Nifty if this is a short term correction and go beyond 6200 closing basis.If not then the correction should continue with increased momentum inorder to signal medium term reversal.I expect Nifty may have atleast 1 more bounce in it before it undergoes medium term reversal in the last 2 weeks of october.
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