Dec7 Update

Nifty drifted down today but recovered some ground later with moderate volumes and -ve breadth.Important points for today.

1.Nifty down by 0.25% with 0.37 breadth.
2.7th day since the lows of 5690,21st day since the highs of 6338.

Nifty closed in the red with -ve breadth for 3rd consecutive day.Nifty is in corrective mode in short term,and I expect Nifty to resolve on the upside from here.But if Nifty moves further down from hereon, then new lows below 5690 may be possible.Strength of Nifty on any upmove will determine Whether Nifty can make new highs or touch earlier highs of 6338.Nifty will face resistance in 6150-6200 zone on the upside.