Nifty opened in the green but drifted down all day to close just above 5400 with lower volumes and -ve breadth.Important points for today.
1.Nifty down by 1.6% with 0.35 breadth.
2.20th day since 6181,59th day since highs of 6338.
3.5th consecutive down day of Nifty.
Nifty tested 5400 levels again and closed just above it.The downside momentum has slowed down.Nifty may bottom around 5400 in 1-2 days or it may go sideways and then slide down towards 5200 levels.Since today was 20th day of the downmove from 6181,and the downside momentum doesn't look very strong,timewise I dont expect more than 3-5 days for this move and pricewise 5100-5200 should be maximum probable target.
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