Nifty had a selloff and it went below 6100 and closed below it with higher volumes and -ve breadth.Important points for today.
1.Nifty down by 2.0% with 0.18 breadth.
2.122nd day since the medium term lows of 4786,5th day since the highs of 6338,11 days since the lows of 5937.
3.Nifty retraced 80% of the weekly gains of previous week.(295up/241down).
4.Nifty closed well below 5ema on weekly basis since the start of this rally from 4786.
Nifty had a good selloff and closed well below 6100.Nifty is undergoing momentum selling.Since last week's rise has been retraced 80% on weekly basis,this to me implies Nifty is weak and should undergo further deeper correction in the coming days.There is likely to be bigger fall before expiry.
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