Nifty slide down below 5300 levels with low volumes and -ve breadth. Important points for today.
1. Nifty down by 1.7% with 0.5 breadth.
2. 348th day since the highs of 6338, 74th day since the lows of 4531, 31st day since the swing highs of 5629.
Nifty closed below 5250 levels.Today's volumes were very low, lowest in about 3 months.This is 8th week of Nifty since it hit highs of 5629.Earlier lows of 5139 will be crucial here.If Nifty breaches this level again, then further downsides are likely.The current downmove since 5629 does not look like it has completed.To possible likely downside options for Nifty are i)Nifty breaches 5139 levels this week but bounces back to 5400+ level by end of week.ii) Nifty closes in the red on weekly basis around 5200 levels.For both the options, Likelyhood of Nifty touching new lows will increase.
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