Nifty fell sharply when support of 5500 was broken after some consolidation near it today. Nifty is now near the low of 30 Aug 2013 (last friday) which it made and then rallied to break the level of 5500. Nifty if holds the low then again it may attempt to break the level of 5500 but if fails then more downside awaits.
(Today's fall may be a correction of steep rally from 5150 to 5556 in my view and I have this view because nifty looks oversold at this level to me but market behaves the way it wants so trade with trend till it bends.)
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