Nifty had a selloff and closed below 6000 with higher volumes and -ve breadth. Important points for today.
1.Nifty down by 2.2% with 0.13 breadth.
2.124th day since the medium term lows of 4786,7 days since the highs of 6338.
Nifty sold off below 6000 levels with big volumes and very -ve breadth.This week is continuing with the momentum of last week,this to me implies that Nifty should have some capitulation and then a bounce before the end of this week.If this week turns out to be -ve closing(which looks likely) then the big move up of Diwali week was part of weekly correction that started from first week of October ie this is 7th week of correction.So the low formed this week should likely be the low(within 1% range) for the next 6-8 weeks.
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