Nifty: Trading range Breakdown

On Nov 11, Friday, the Nifty closed below 5200 signalling the possibility of a breakdown from an ongoing range between 5200 and 5350. On Monday, yesterday, this breakdown was vonfirmed as the Nifty went through  bearish trend day and closed for the second day, below 5200.

Pattern targets for the decline are 5050 / 5000. The trade has a stop loss of 5230 which was Monday’s high.

It does seem that the intermediate uptrend is probably over. This means that the bear market has resumed its downward march.