Lacklustre quiet market between 5530-5558 in first 3 hours and selling developed between 5548-4458 today. Positions of resistance ranges are as follows:-
1- Previous resistance- 5580-5604
2- Resiistance due to yesterday Last 2 hours mixed patterns between 5550-5570.
3- Selling developed between 5548-5458 today.
Nifty slipped from first support range after intraday selling today and confirmed weakness because today selling is exactly below previous resistances. As three selling ranges at higher levels therefore Nifty require complete complete consolidation for an up move and more down moves below 5500 is also possible.
Next strong support range is 5459-5473 and until Nifty is above it till then on going up trend is safe slipping below 5500 or mentioned strong support range testing possibility can not be ruled out. Although Nifty slipped from higher levels but Indian markets are range bound between 5459-5604 and trending market will be seen after break out of this range.
Expected that nifty will trade between 5459-5558 in the coming 1/2 sessions and break out of this range will be next moves confirmations.
Market is completely range bound therefore each levels and moment has to be watched. Consolidation signals emerged between 5515-5525 in last half hour today therefore this range will be watched first.
1- Previous resistance- 5580-5604
2- Resiistance due to yesterday Last 2 hours mixed patterns between 5550-5570.
3- Selling developed between 5548-5458 today.
Nifty slipped from first support range after intraday selling today and confirmed weakness because today selling is exactly below previous resistances. As three selling ranges at higher levels therefore Nifty require complete complete consolidation for an up move and more down moves below 5500 is also possible.
Next strong support range is 5459-5473 and until Nifty is above it till then on going up trend is safe slipping below 5500 or mentioned strong support range testing possibility can not be ruled out. Although Nifty slipped from higher levels but Indian markets are range bound between 5459-5604 and trending market will be seen after break out of this range.
Expected that nifty will trade between 5459-5558 in the coming 1/2 sessions and break out of this range will be next moves confirmations.
Market is completely range bound therefore each levels and moment has to be watched. Consolidation signals emerged between 5515-5525 in last half hour today therefore this range will be watched first.