Nifty is trading below 5457 because heavy weight RIL is also trading more that 2% down today. Sustaining below 5457 will be fresh down moves confirmations but intraday support between 5438-5445 today also therefore down moves confirmation will be below 5438. As Consolidations seen between 5460-5480 last Friday therefore selling below 5457 and moving below 5438 is must for down moves confirmations and moves above 5480 will be up moves confirmations also.
Completely range bound markets with strong supports at lower levels and strong resistances at higher levels. Let market finally prepare for decisive trend then trending markets will commence and till then quiet range bound moves will be seen.
Although supports seen within 5438-5480 but Nifty is trading at the lower bend of this range therefore sustaining beyond this range will be strong indication of next moves. As two following support ranges within 5438-5480 therefore up side break out possibility of this range can not be rules out also despite Red zone trading since today morning :-
1- 5438-5445(Today)
2- 5460-5480(Last Friday)
Completely range bound markets with strong supports at lower levels and strong resistances at higher levels. Let market finally prepare for decisive trend then trending markets will commence and till then quiet range bound moves will be seen.
Although supports seen within 5438-5480 but Nifty is trading at the lower bend of this range therefore sustaining beyond this range will be strong indication of next moves. As two following support ranges within 5438-5480 therefore up side break out possibility of this range can not be rules out also despite Red zone trading since today morning :-
1- 5438-5445(Today)
2- 5460-5480(Last Friday)