"Next support range is between 5785-5805"
Down move stopped between mentioned support range at 5792.05 and recovered after 2 hours range bound trading within 5792-5812. Strong up move seen above 5812. Following lines must be kept in mind which were told in Pre-Open Market Outlook today:-
"All trends are up,weekly MACD has given rally confirmation and Pennant pattern formation is also giving confirmation to continuation on going bullish. It is clear that Indian markets are technically well prepared for rally but intra day charts of last 2 sessions are showing distribution patterns therefore very short term down move is due and will be seen today."
Predicted down move seen and also stopped in predicted support range. Support and resistances between 5785-5912 are as follows:-
Support-5785-5812
Resistance- 5874-5912
Crucial levels and ranges are as follows:-
1-Next moves preparation range-5812-5874
2- Up move confirmation 1st level- 5874
3- Strong rally confirmation 2nd level- 5912
4- Down move confirmation 1st level- 5812
5- Deep correction confirmation 2nd level- 5785
Levels have been given for any type of move confirmation but should be kept in mind that expeted correction had been due after last 2 sesions selling and completed today after 2 hours consolidation between 5785-5812
Sharp recovery seen from lower levels today and expected that Nifty will first trade between 5850-5912 and voltality may be high also. Expected that Nifty will finally cross 5912/5940 in the coming sessions after some more consolidation within above mentioned ranges.