Nifty continued to drift down and close at 5652.15.It touched an intraday low of 5647.05.Open Interest decreased with Increasing volumes, and since the price decreased, it meant that weak longs have closed out their positions and new shorts did not get created. Also shorts in profit may have exited.
The above 15 min intraday chart of Nifty, shows the minor waves in a triangular formation. the final
"e " leg down is close to ending.Today was the fourth day of down move and looking at the technical internals, a bounce looks likely tomorrow.
Till 14.01 Moon is in Mercury star and the down drift is expected to continue. Post 14.01, Moon enters Leo and Ketu is the star lord.Markets may bounce back after 2 pm tomorrow.
Here is the medium term chart:
5640 is the first crucial level. Will it break tomorrow. Maybe, maybe not.It does not matter. If the market turns up then hold on for a rise because we enter the green period next week. Possibly we will be in wave b of 4 next week.