Range bound lesser volumes market for the last 27 sessions. Such type of market are guided by news flow and global cues. Indian markets firstly slipped after weaker Asian cues and recovered from day's lower levels after up moves in European markets. Nifty tested and traded in crucial support range(5460-5480) almost 2 hours today and will close within or above this range because intraday support signals emerged within it.
5460-5480 is most crucial support range and sustaining below it will mean high possibility of deeper correction. As intraday support seen within it and today down moves were the result of depressing Global cues and except this support getting signals were seen in 5482-5492 today therefore it is clear that Indian markets are not prepared for any side decisive moves.
When market itself is not prepared for any side decisive moves,reacting global cues and news flow and intraday patterns are not showing big trading positions then final conclusions should be drawn:-
1- from decisive break out or
2- Breaking out of any crucial support/resistance or
3- One sided trading positions in intraday trades.
Although Indian markets are closing in Red today but following 2 minor support ranges therefore view is not bearish:-
1- 5482-5492
2- 5460-5480
5460-5480 is most crucial support range and sustaining below it will mean high possibility of deeper correction. As intraday support seen within it and today down moves were the result of depressing Global cues and except this support getting signals were seen in 5482-5492 today therefore it is clear that Indian markets are not prepared for any side decisive moves.
When market itself is not prepared for any side decisive moves,reacting global cues and news flow and intraday patterns are not showing big trading positions then final conclusions should be drawn:-
1- from decisive break out or
2- Breaking out of any crucial support/resistance or
3- One sided trading positions in intraday trades.
Although Indian markets are closing in Red today but following 2 minor support ranges therefore view is not bearish:-
1- 5482-5492
2- 5460-5480