Market firstly slipped after "oil Prices re-Regulation news" and recovered after Petroleum ministery clearification that Govt.has no plans now to regulate petrol prices.
Sudhir Bhargava, additional secretary in India's oil ministry said today that-
"There is no plan to regulate petrol prices now, but there is a provision that if prices go to astronomically high levels then the government may intervene."
Risk of re regulation is over and Nifty is trading below immediate resistance range with support at lower levels today. Intraday charts of today are showing consolidation patterns today and up moves are expected but sustainability above immediate resistance range(5540-5580) is must for decisive rally.
News based voltality may also be seen therefore be cautious.
Sudhir Bhargava, additional secretary in India's oil ministry said today that-
"There is no plan to regulate petrol prices now, but there is a provision that if prices go to astronomically high levels then the government may intervene."
Risk of re regulation is over and Nifty is trading below immediate resistance range with support at lower levels today. Intraday charts of today are showing consolidation patterns today and up moves are expected but sustainability above immediate resistance range(5540-5580) is must for decisive rally.
News based voltality may also be seen therefore be cautious.