Nifty tested strong support 5932 amid violent voltality and recovered as well as closed in Green yesterday. Nifty traded last 4 hours today within 5950-6015 yesterday and Nifty traded within 5975-6010 last tuesday. 8 hours trading range(5950-6015) is sufficient to give first strong indication to next moves therefore this range break out should be used for next move confirmations.
Last 8 hours trading range(5950-6015) is indicating consolidations and expected that Nifty will sustain above it today. 5932-6015 is now strong support range,Good selling patterns requires to break this range.
Nest resistance ranges are as follows:-
1- 6080-6120(Minor Resistance)
2- 6180-6195(Minor Resistance)
3- 6250-6320(Strong Resistance)
Indian markets moved into range bound mode and will first prepare within 6015-6250 for next moves. Break out and sustaining beyond 5932-6339 will give following next moves confirmations:-
1- Sustaing below 5932 will mean deeper correction
2- Sustaing above 6339 will mean completion of short term correction in range bound mode.
Positive opening and firstly trading wthin 6020-6080 expected.Green closing after whole day positive zone trading expected and sustaining above 6120 will give next good upmove confirmations.
Until Nifty does not sustain beyond mentioned ranges till then only range bound market should be expected trading targets should be within range.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
