Higher levels intraday selling in 2 last sessions,today down moves and following line for today trading has already been told in previous outlooks:-
"Next support range is between 5785-5805 therefore Nifty will first trade between 5805-5880 today"
Down move stopped between mentioned support range at 5792.05 and since then Nifty is trading within 5792-5812 and preparing for next moves. Next moves confirmation range is 5785-5812.Let Indian markets prepare for next moves within mentioned range and sustaining beyond will give following conclusions:-
1- Above 5812- will mean very short term correction completion and testing of resistances near 5900
2- Below 5792- will mean short term correction continuation and testing of supports near 5700
Conclusions from coming hours intraday charts will be drawn and posted accordingly. As selling signals are being seen in last 1 hour intra day chart therefore view is cautious but confirmation is required. Market is required complete buying or selling within mentioned range for any side decisive moves,let this process complete then final concludions will be drawn.