Nifty resisted at 5550 levels and sold off below 5400 levels with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 2.4% with 0.33 breadth.
2.23rd day since 6181,62nd day since the highs of 6338.
Nifty closed down below 5400 levels, thus breaking the previous medium term weekly Low of 5408(August27,2010).I was expecting this move to be capitulating move but that may or may not be true.I expect Either Nifty will not go further below 5300 and consolidate/bounce upto 5600 levels now OR Nifty may slide down to 5100-5200 levels next week also inorder to capitulate and then turn up.
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