Indian markets moved up last Friday despite 3 previous sessions selling patterns( 5958-6024) on following bullish news:-
"Finance ministry fresh missive to the labour ministry for investment a part of the Rs 5 lakh crore corpus of the employees’ provident fund in stock markets"
As mentioned up move was news based after ignoring selling formations therefore following lines were told for yesterday:-
"As last Friday up move was on the back of positive news therefore sustaining above the top(6069) of last 25 sessions is must for confirmation of break out"
As doubt was shown and same was seen yesterday. Indian markets slipped and closed within last week 3 selling sessions range at 5998 and last 26 sessions range bound move of 5690-6069 is still maintained. Selling patterns within 6020-6045 yesterday and selling was already seen in the last week therefore next trend confirmation first range is 5940-6045. Until fresh consolidation will not happen till then firstly 6045 and then 6069 will not cross to confirm decisive up trend. As selling patterns exists therefore down moves will be faster and sustaining above the top(6069) of last 26 sessions is must for confirmation of break out and up move"
Long term and short term trends are up and intermediate term is sideways for the last 26 sessions. As selling therefore firstly down move within last 5 sessions range(5940-60450) expected and also whole day trading within this range will be seen today. Although market is not sustaining beyond previous short term ranges but breaking out/down daily. As moved up was seen after breaking down last Friday and moved down after breaking out yesterday therefore technical positions changes sharply in such intraday volatile moves. Until market does not sustain beyond any crucial levels till then short term views within mentioned ranges should be maintained. Follwing ranges and levels should be watched for next immediate confirmations:-
1- For up move- Firstly closing above 6015 and then sustaining above 6069.
2- For up move- First break out range is 5940-6045
3- For down move- 1st break down range is 5960-6045
4- For down move- 2nd support at- 5870
5- For down move- 3rd support at- 5820
6- For down move- 4th support at- 5730
7- For down move- 5th support at- 5690
Firstly down move expected and then next moves will be decided according to break out/down and intraday charts formations.
As I have been busy therefore could not post Weekly of this week but above mentioned 7 levels and ranges will give direction in whole week.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
