Nifty sold off heavily and closed just above 4900 with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 4.1% with 0.12 breadth.
2.217th day since the highs of 6338,17th day since the lows of 4720.
Nifty's sell off brings Nifty to the lower end of the range.I read today's move as part of sideways move of Nifty going on since last 8-10 days.The velocity of downmove indicates that this may well be the capitulating move of the sideways movement.BUT I may change my view if Nifty sustains this momentum and goes down in next 2-3 days.If Nifty shows +ve bias from here,Nifty may be starting its 3rd Wave UP.
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