Nifty after bouncing again from 5700 to 5800 levels slipped below 5700 levels and closed below it.Important points for today.
1.Nifty down by 1.7% with 0.34 breadth.
2.9th day since 6181,34th since lows of 5690,48th since the highs of 6338.
Nifty after more than 2 months broke below the previous lows of 5690 thus forming lower low, lower high pattern.If this is an impulsive move of the new downleg then Nifty should keep going down twoards 5400 levels.But if Nifty hovers around 5600 levels and bounces then Nifty may enter sideways corrective upmove for few days between 5600-6000 levels.
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