As selling signals yesterday therefore slipping was expected today. Selling signals between 5880-5910 was told during trading hours yesterday and base formations between 5857-5870 was told on 05-04-2011. Nifty moved below 5880 and got intraday first support near 5870 today. 5857-5870 is first support whole rally is safe above it. Follow up moves today will decide next moves today. I clearly mean to day that:-
1- Follow up selling today will mean breaking down below 5855 and deeper correction.
2- Consolidation today will mean yesterday started very short term correction completion.
Nifty is trading between last 2 days ranges and break out of these ranges will give next moves first strong indication;-
05-04-2011- 5857-5870(Base formation and support)
06-04-2011- 5880-5910(selling signals)
