Nifty slid further down but with lower volumes and -ve breadth to close below 5450. Important points for today.
1.Nifty down by 1.1% with 0.42 breadth.
2.64th day since the lows of 5177, 130th day since the highs of 6338.
3.17th day since the swing highs of 5906.
Nifty closed below the low of 9 day downmove,ie 5443. Since Nifty was is sideways since last 6-7 days , this may point to start of new impulsive downwave.For confirmation of this downmove, Nifty should move down and pick up momentum.But if Nifty bounces from here , then Nifty's sideways movement continues.
Timewise, Nifty is close to important Fibonacci number, so I would expect Nifty to make a sustainable bottom here in coming days.
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