Nifty dropped down today and closed below 5850 with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 0.75% with 0.33 breadth.
2.40th day since the lows of 5177,106th day since the highs of 6338.
Nifty was down for the 3rd consecutive day.Though Nifty has drifted only 1.2% from the closing high of 5910 but it has taken resistance from falling trendline at 5950 and fallen for 3 consecutive days.The Number of days pointer indicates that this could well be downside reversal of Nifty for new lows.Next week should clear up the Picture.Nifty can bounce up from here but I don't expect to see more than 50-100 points higher from existing highs of 5944.
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