)
It was clearly told yesterday that:-
1- 5470-5495(Weak resistance and will be crossed within couple of sessions consolidations)
2- 5520-5545(Strong resistance and requires complete consolidations for its break out)
Expected that Nifty will open above 1st Resistance(5470-5495) and will trade within 2nd resistance(5520-5545). Sentiment will be heated after expected blasting global markets today morning and it has to be watched that whether profit booking being developed or not in today like heated sentiment. As Nifty will trade within or nearabout strong resistance(5520-5545) therefore consolidation and sustaining above 5550 is must for fresh strong rally above 5550.
3rd wave started on 13-07-2009 and since then from 3918 to 5550 new tops were formed without force with 4 intermedie term corrections because Indian markets were consolidating 2008 resistances within this range. Now no resistance within 5550-6000 therefore if 5550 is crossed by force today then fast upmoves upto 6000 possibility will not be ruled out and technically sharp upmoves upto 6000 possibility is very much alive.
Levels and its interpretations for today:-
Resistance 4- 5575 (Sharp upmove confirmation confirmation above it)
Resistance 3- 5550 (Higher level of expected trading range)
Resistance 2- 5520 (Lower level of expected trading range)
Resistance 1- 5500 (May be tested in consolidation & 1st weakness signal below it)
Support- 5448 (Weakness confirmation below it)
Firstly consolidations within 5520-5550 and then 5575 crossing seems possible within couple of sessions and Green closing expected after whole day positive zone trading today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
