I told following lines yesterday.As relevant therefore repeating today:-
"next trend preperations range will be 6030-6110"
Nifty traded within mentioned range after break out and retraced from 6113.5 to 6092 in last 20 minutes after suggesting last 2 hours selling patterns within 6080-6113 yesterday. Resistance ranges are as follows:-
1- 6080-6113(Minor resistance range)
2- 6110-6120(Minor resistance range)
3- 6110-6160(Resistance)
4- 6220-6245(Last Resistance)
Support are as follows:-
1- 5985-6030
2- 5932-5985
Yesterday upmove started after improved inflation data release. On going month is quarterly results month therefore any sharp surge like yesterday is very much possible after any good news or in expectation of a good news. Resistances at higher levels are stronger and consolidation is required after rise. Although good selling at higher levels but supports within 5932-6030 are also strong and complete disfribution patterns are required to break supports also.
All trends are up,Wave 3 is on and its minimum target is 6359 as well as Correction has been started from 6284 and 6359 will cross after completion of correction. As Good supports aT lower levels and Good resistance are AT higher levels therefore complete distribution patterns are required to cross 5932 and complete consolidation required to cross 6284.
Correction is on and only it has to be decided that:-
1- Correction will be deeper below 5932 after fresh selling or
2- correction will complete within range bound moves(5985-6284) after fresh consolidations.
Today follow up selling or buying will give 1st indication of any of above possibility.
Sentiment may be heated today and next resistance range is 6110-6160 and if Nifty sustains above 6160 after fresh consolidation today then it will be strong indication of testing next resistance range. If Nifty does not sustain above 6160 and dip below 6080 after profit booking then levels near 6030 will be expected.
Market is not trending and in Range bound mode within supports and resistances therefore next moves will be decided according to immediate intraday moves and intraday charts formations and will be posted accordingly.