Nifty consolidated in first half but broke down below 5700 towards the end with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.15% with 0.73 breadth.
2.6th day since 6181,31st since lows of 5690,45th since the highs of 6338.
3.6th consecutive down day of Nifty.
Nifty bounced back strongly about 100 points in last few minutes from 5700 levels.If the bounce is shallow and Nifty stays around 5700-5800 zone then breach of 5700 would be critical.This is likely a medium term correction of Nifty.Though to me 5350 is the first(minimum) capitulating point for medium term correction, but Nifty may either go below 5350 after breaching 5700 or it may bounce from around 5600-5700 and go to 6200-6400 before coming down to 5350 levels.
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