Global sentiment was boiling today morning and Indian markets showed under performing indications therefore profit booking possibility was told immediately after opening in Post-open outlook today and also gave up move confirmation level at 5590.
Following intraday selling ranges were seen and also given in Pre-closing outlook yesterday:-
1- Nifty Mar Fut selling within 5470-5595 yesterday
2- Nifty spot selling within 5540-5570 yesterday
Nifty Mar Fut is showing weakness and trading below yesterday selling range while Nifty spot trading within yesterday selling range. As sentiment was extremely heated today morning therefore such intraday correction was possible and is being seen at this moment. Until Nifty spot is trading above 5520 till then up move hopes are alive and rally begining confirmation level is sustaining above 5600.
5520-5600 is trend confirmation range and break out conclusion of this range is as follows:-
1- Sustaining below 5520 will mean strong at resistance 200-Day EMA and intermediate term trend turning down and weakness confirmation also.
2- Sustaining above 5600 will be most Bullish confirmation because in that situation all trends will be up and will open the gate of strong rally.
Watch 5520-5600 Break Out for only next trend and big move confirmation. Although Indian markets moved from higher levels today but rally hopes are very much alive.