Nifty moved in a very narrow range and closed just below 5500 with low volumes and -ve breadth. Important points for today.
1.Nifty down by 0.85% with 0.44 breadth.
2.63rd day since the lows of 5177, 129th day since the highs of 6338.
3.16th day since the swing highs of 5906.
Nifty moved in 54 point range and closed towards the lower end of the range.Volumes were very low and breadth was weak.Today was 7th day of the sideways move between 5443-5605 after 9 days of fall.I see another downfall after this sideways move is over.Sideways move ,I think should not last more than 9-10 days.Only A daily and weekly close above 5650/5700 would negate the downside scenario and confirm a bull trend.
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