Nifty

So, we finally did see the anticipated 5% decline in Nifty. All the voices that have been crying hoarse about one-way ride to higher highs all the time, have suddenly gone quiet in a single day ! So, where do we go from here ? Admittedly, the 5% correction that I had anticipated wasnt expected to come in a single day, though it was expected to be a swift one. Right now, we dont seem to be done as yet. 4350 spot nifty is a crucial level and as long as we do not break that with vols, we should be rangebound between 4350-4550 for now. However, if Nifty breaks below 4350, it would weaken further and we can go as low as 4100 ... and as mentioned earlier, as long as 4100 holds, we should remain in an uptrend.