Following things were told in last 2 days outlooks:-
1- All trends are up,market near all time high and next technicals levels has been posted in weekly.
2- Sentiment extremely bullish threrefore previous top(6357) break out should be with force.
3- Sentiment heated therefore intraday or very short term 1/2% corrections can be seen any day and it may be a part of consolidation also
4- until complete selling patterns will not develop till then even short term correction will not be considered.
As market did not fulfilled the condition of forceful break out and did not showed strength as well as selling paternes indicated in intraday charts therefore I told within first 2 hours in Mid-Session Outlook yesterday:-
1- if follw up selling develop today then reversal of last week up move will be considered.
2- 6270-6300 should be watched.
Nifty traded most of the time and closed within 6270-6300 with intraday selling patterns within 6285-6300 yesterday and it will be resistance range as well as consolidation requires today for sustaining above 6300. If follow up selling develop today and Nifty sustains below 6270 then very short term correction will be considered. Next supports are as follows:-
1- 6240-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
Only one day selling is sufficient to tell only for very short term correction which is possible today and today intraday patterns will decide next moves of Indian markets. Firstly trading below 5270 expected and follow up selling/buying will decide today closing and next moves. Whatsoever intraday trading patterns will suggest then will be posted accordingly in mid session outlooks.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
