Market could not sustain at higher levels and slipped after weakening of US Futures(Dow's Futures is 60 points down) and weak opening of European markets(most are more than 1% down)
As intraday consolidation therefore up moves were expected for today and it was seen also. Following lines were told yesterday in "Rally expectations developed after Intraday consolidations today":-
1- Follow up buying and base formations after more consolidations are required in the coming sessions and sustaining above following resistances will be rally commencement confirmation.
1- 5208-5236
2- 5288-5310
2- Whole day consolidation patterns between 5180-5197 today and sustaining it beyond will be firstly watched tomorrow
3-more consolidation is also required now therefore slipping possibility below 5180 can not be ruled out during consolidation process and following most crucial supports should be kept in mind:-
1- 5136(Next botom).
2- 5130(200-Day SMA of today)
3- 5080(50% retracement level of previous rally)
Above lines are being repeated from yesterday posted outlook for the purpose of cautioning and understanding of technicals points and crucial levels of Indian markets..
As intraday consolidation therefore up moves were expected for today and it was seen also. Following lines were told yesterday in "Rally expectations developed after Intraday consolidations today":-
1- Follow up buying and base formations after more consolidations are required in the coming sessions and sustaining above following resistances will be rally commencement confirmation.
1- 5208-5236
2- 5288-5310
2- Whole day consolidation patterns between 5180-5197 today and sustaining it beyond will be firstly watched tomorrow
3-more consolidation is also required now therefore slipping possibility below 5180 can not be ruled out during consolidation process and following most crucial supports should be kept in mind:-
1- 5136(Next botom).
2- 5130(200-Day SMA of today)
3- 5080(50% retracement level of previous rally)
Above lines are being repeated from yesterday posted outlook for the purpose of cautioning and understanding of technicals points and crucial levels of Indian markets..