Nifty slide down today with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 1.6% with 0.4 breadth.
2. 333rd day since the highs of 6338, 59th day since the lows of 4531, 16th day since the swing highs of 5629.
Nifty not able to sustain at 5400+ levels and closed below it. tomorrow is budget day and if Nifty closes down below 5300, then that would be 4th consecutive down week and would be confirmation to me that Nifty has topped out at 5629 and headed for new lows below 4500 in next 1-2 months. Only if Nifty closes above 5400 tomorrow on weekly closing, I would consider that there is bullish scenario possible in Nifty in coming 1-3 months.Monthly range remains at 328 points.
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