Nifty opened flat and drifted down thereafter to close below 5750 with higher volumes and -ve breadth. Important points for today.
1.Nifty down by 0.65% with 0.4 breadth.
2.52nd day since the lows of 5177,118th day since the highs of 6338.
Nifty continues to be in the range of 5700-5950.Today was 5th consecutive down day of Nifty.For the bull scenario,Nifty may bounce from here to make a new high above 5950 (I expect only marginal new high)and then reverse OR Nifty may have already reversed and may cut down to 5400-5600 levels by next week itself.Today's monthly closing was -ve and that to me confirms that the Medium term trend remains down and Nifty has or will soon reverse to make new lows.
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