As good lower levels consolidation therefore up moves were very much due in Indian markets and Greece package given that trigger today,resultant more than 1.4% rally today. Multiple resistances above 5700 and Nifty is trading above it for the last more than 3 hours but follow up consolidations and sustaining above 5700 is must for next up moves
As Indian markets are sideways within 5549-5815 for the last 42 sessions therefore only short term trend within this range will be considered at present. As last more than 3 hours trading between 5700-5713 without any clear pattern formation therefore valid break out of this range will decide next Short term trend within 42 sessions range and:-
1- Above 5713 will mean up moves after follow up consolidations.
2- Below 5549 will mean retesting of previous week supports near 5600.
Although on going rally continuation is expected but follow up consolidations is must and valid break out of 5700-5713 will also be watched for next decisive short term trend.
As Indian markets are sideways within 5549-5815 for the last 42 sessions therefore only short term trend within this range will be considered at present. As last more than 3 hours trading between 5700-5713 without any clear pattern formation therefore valid break out of this range will decide next Short term trend within 42 sessions range and:-
1- Above 5713 will mean up moves after follow up consolidations.
2- Below 5549 will mean retesting of previous week supports near 5600.
Although on going rally continuation is expected but follow up consolidations is must and valid break out of 5700-5713 will also be watched for next decisive short term trend.