Nifty dropped below the previous swing lows of 5937 but bounced from just above 5900 levels with high volumes and -ve breadth.Important points for today.
1.Nifty up by 0.2% with 0.5 breadth.
2.125th day since the lows of 4786,8th day since the highs of 6338.
Nifty's closing at/above day low 5ema indicates capitulation underway for the fall of 8 days after a bounce from ~5900 levels.If Nifty falls further from here with momentum below 5900 then deeper levels of 5500 and below may be there in next few days.Else Nifty may either consolidate here from 5900-6150/6200 range and then resume the downtrend or may continue moving up to make new highs above 6300.
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