Intermediate term correction which begun from Deepawali Muhurrat session finished yesterday after 27 days range bound moves between 5690-6069. Although Nifty could not closed above range but last 2 sessions intraday consolidations and up moves patterns are suggesting that Nifty will sustain finally above 6069 and fresh rally will be seen now to test follwing resistances:-
1- 6080-6120
2- 6180-6195
3- 6250-6320(strong resistance)
As 27 sessions range bound move is being broken out therefore decisive rally and above mentioned 3rd resistance testing possibility can not be ruled out.
All trends are up now and 5th impulsive sub wave of wave 3 is confirmed yesterday and its targets are much above all time high but its calculations will be disclosed after crossing crucial resistances. Mentioned Waves structutes of Wave 3 is clearly shown in following EOD chart:-
1- Waves structutes of Wave 3 Chart:-
(Just click on chart for enlarged view)
Sentiment will be heated today morning and Nifty has to cross immediate resistance range(6080-6120) for any fresh rally therefore consolidation requires within mentioned range. Voltality and little profit booking at higher levels may be seen but finally fresh rally above 6100 expected within 2/3 sessions. Fresh long positions should be created after completion of intraday corrections.
Today Green/Red/flat closing can not be guaranteed but fresh rally above 6100 expected within 2/3 sessions.