Nifty cracked down today to close below 4700 with moderately high volumes and -ve breadth. Important points for today.
1. Nifty down by 2.0% with 0.3 breadth.
2. 273rd day since the highs of 6338, 32nd day since the swing highs of 5399.
Nifty did weekly close below 4700 today.So this is either capitulation or Nifty could make a big drop from here.Next week will decide that but I expect Nifty shud be capitulating here with downside limited to ~4500+. Nifty formed a new low today, expanding ranges of all timeframes.
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