Nifty dropped down below 5000 levels and closed below it with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 2.2% with 0.26 breadth.
2.128th day since the lows of 5177,194th day since the highs of 6338,6th day since the lows of 4946(new low being formed today).
Nifty broke the earlier low of 4946 after 6 days.The downside momentum has slowed down for Nifty and is approaching important support level of 4700-4800.I don't expect Nifty to go sub 4800 level ,instead it could rise from here to the resistance level of 5300-5400 levels.
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