Nifty formed the low at 6062 yesterday but I told well in advance for its happening in following words:-
1-Pre-Open(05-01-2011)- "As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080"
2- Pre-Open(04-01-2011)-
a-"Nifty will not sustain above 6178."
b-"yesterday intraday charts genuine selling patterns therefore slipping below 6154 will be seen"
3- Weekly(03-01-2011)- "Last 2 sessions(31-12-2010 & 30-12-2010) intraday charts are showing distribution signals therefore a minor/very short term correction is possible in the begining of week"
1- 31-12-2010- Nifty traded most of the time within-6115-6145
2- 30-12-2010- Nifty traded most of the time within-6065-6082
1-Technical Positions of Last 5 Days Intraday Chart:-
As intraday selling shown in first 2 days therefore minor/very short term correction was predicted on 03-01-2011 and it was seen as well as both 2 days intraday levels neutralised on 05-01-2011 also in single day market slipping. Nifty traded most of the time within-6065-6082 and Nifty again traded last 2 hours within 6065-6082 yesterday. Good selling at higher levels and Nifty trading last 2 hours within 30-12-2010 range is indicating its importance to decide next trend. I clearly mean to say that break out and sustaining above 6082 will mean on going correction completion and moving below 6065 will mean testing of important supports near 6000.
As selling has already been seen within 6065-6082 therefore once slipping below is expected but final moves will be decided after sustaining beyond this range. Market will decide today next moves near about or within 6065-6082 and today first 3/4 hours intraday charts will give indication of next moves market preperations. Global markets may also give direction to Indian markets in next couple of sessions.
As I never like to guess therefore will try to tell after today intrady charts analysis.