For deciding next moves following factors will be kept in mind:-
1- Pull back rally is on.
2- Selling indication were seen during last 2 sessions in Last week.
3- Indian markets opened strong after positive Asian markets cues Yesterday and slipped from higher levels in "Water Fall Pattern"(Bullish Formation) in last 4 hours.
4- Consolidation was required after above mentioned last week selling indications which were seen at higher levels yesterday.
5- Yesterday higher levels slipping was attributed to rates hikes affected Banking sector down fall.
Nifty closed flat at 5992 yesterday. Last 3 sessions are suggesting:-
1- Selling indication within 5975-6020
2- Consolidation within 5980-6070 yesterday(as "Water Fall Pattern" therefore consolidation)
6015 is key and sustaining beyond will give next moves indications and Indian markets will prepare its near about for next moves in the coming sessions. Although slipped from higher levels yesterday but consolidation patterns in last 4 hours therefore 6015 is next trend decider and sustaining beyond will give next moves indications.
Now next moves confirmation broader range is 5965-6065 and Nifty will prepare within it in the coming sessions for next moves and sustaing beyond 6015 is first strong indication point of next moves.
Although confirmations required but view turning bullish after watching "Water Fall Pattern" yesterday.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
