Nifty cracked down below 5500 and closed below it with lower volumes and -ve breadth. Important points for today.
1.Nifty down by 1.4% with 0.3 breadth.
2.56th day since the lows of 5177,122nd day since the highs of 6338.
Nifty closed down below 5500.Today was the 9th consecutive down day of Nifty.In the last 2 days,Nifty's momentum has slowed down,so I expect that Nifty could pause/bounce from here.Any pause/bounce from here is likely to be temporary and down trend should resume after that.But if Nifty pauses for few days (ie no bounce)and starts going down again, then there could be a big crack.
For Nifty to break important support level of 5200, there has to be a trigger point in next few days else I don't see 5200 breaking down(if at all it happens) by any meaningful margin.
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