When sentiment was most heated after Libyan peace agreement news then at that time following conclusive line was told in Mid-session outlook today:-
"Just watch sustaining above 5520 and if Nifty sustains above 5520 today then fresh rally will resume in Indian stock markets"
Nifty could not sustain above 5520 and slipped fast to 5481. News based huge voltality and technical positions reverses fast in such voltality.Selling within 5540-5570 and buying within 5470-5000 today therefore Nifty will trade within today range(5470-5595) in the coming sessions and break out of today range will give confirmation to next decisive moves in Indian markets.
Nifty trading near 5520 at this moment and firstly watch its sustaining side(above or below) of 5520 and then break out of today range because that will give confirmation to:-
1- Final reaction of Indian market on Budget 2011-12
2- Libyan problem final impact on Indian markets.