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Nifty traded most of the time between 5885-5915 today and selling signals observed between this range. At lower levels immediate support and base formation is between 5857-5870 yesterday.
Following range break out and sustaining beyond will give following conclusions:-
1 1st range is 5885-5915 and its break out will be strong confirmation of testing of next higher(5945)/lower(5855) levels.
2- 2nd range is 5855-5945 and its break out direction will be first derived from break out of above mentioned 1st range. Break out of this range will decide following next moves:-
1- Sustaining above 5945 will mean 6120 fast.
2- Sustaining below 5855 will mean deeper correction
Although selling signals between 5885-5915 today but I am expecting consolidation and finally crossing of 5945 in the coming sessions. Above levels have been given for safety also.