Nifty had a selloff today with moderate volumes and very -ve breadth.Important points for today.
1.Nifty down by 2.4% with 0.12 breadth.
2.29th day since the lows of 5690,43rd day since the highs of 6338.
3.Nifty retraced last 2 weeks of gain this week,down by 3.8% on weekly closing.
Nifty broke down below 5900 today.Breadth was very -ve and indicates strong momentum to the downside.The slide of Nifty should continue for few days.I expect Nifty to continue with downside momentum move early next week.If Nifty loses momentum around 5700 levels, then 5700 may not be taken out decisively and Nifty may Jump again from this level.I dont expect Major fall in Nifty (~5200) next week or in this downmove ,so my possible downside scenarios right now are around 5600-5700 levels.
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