Nifty opened above 5700 but could not sustain those levels and kept sliding all day and closed just above 5600 levels.Important points for today.
1.Nifty down by 1.5% with 0.36 breadth.
2.17th day since 6181,56th day since the highs of 6338.
Nifty slid below 5600 levels and closed just above it.Today was 2nd consecutive down day for Nifty.5200-5550 is support zone for Nifty with many supports in this range.If Nifty goes into the support zone and bounces then I would expect that Downturn in Nifty would be nearing end.Downside momentum is moderate till now in Nifty and I dont expect that this momentum could take Nifty to 5100-5200 levels unless it increases significantly from here which I doubt since Nifty is in downmove for 17 days now.
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