Nifty traded within 5980-6018 yesterday and intraday charts within narrow range moves are showing consolidations patterns. Yesterday intraday charts of many other pivotal stocks are also showing buying formations.Nifty traded within 6005-6018 in last 45 minutes and intraday patterns of this period are signalling selling therefore sustaining above 6015 has to be watched for next up move confirmations. Next resistance ranges are as follows and its testing is possible after sustaining above 6015:-
1- 6080-6120
2- 6180-6195
3- 6250-6320
Pull back rally started from 5690 and its Fibonacci Retracement levels are as follows:-
13.0%- 5774
23.6%- 5843
27.0%- 5865
38.2%- 5937
50.0%- 6014
61.8%- 6091
70.7%- 6148
76.4%- 6185
78.6%- 6200
88.6%- 6265
50% retracement has been completed and next level 61.8%(6091) will be crucial because it is within next resistance range. Global markets are positive,sentiment is good today morning and sustaining above 6015 today will give confermation to sharp up move toward next resistance range. It should be kept in mind that complete distribution patterns require for begining of down move and until that will not be visible minimum within intraday charts till then any down move will not be considered.
Next up move confirmation point for today is sustaining above 6015 and next move confirmation range is 6982-6018. Intraday charts of first 2/3 hours will give confirmations to next moves and and according to that today closing and next moves will be decided.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
