Nifty was sideways at open but drifted down later with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.2% with 0.67 breadth.
2.24th day since the lows of 5177,90th day since the highs of 6338.
Nifty traded in narrow range again and closed below 5450.Nifty is in sideways range of 5400-5600 for 9 days now.Range breakout should happen soon.On the downside if 5400 is broken,next leg of downside should begin with initial target of 5000 level.But if 5600 is taken out,momentum of Nifty in negotiating 5700 level will decide how far Nifty can move up.Medium term trend remains down for Nifty,So even on breakout above 5600 I expect to see lower levels(sub 5000) later.
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