Although strong global markets and good news from Indian parliament yesterday but we never posted any Bullish views but cautioned in all 5 yesterday Outlooks as well as told for correction also.
Previous resistance was between 5935-5965 and yesterday resistance range(5911-5939) confirmation today through forceful break down today. More down moves can not be ruled out but strong supports lies between 5839-5860 and its break down will not be easily possible . Last 14 sessions trading between 5823-5965 and more sessions trading will be within this range. Expected that finally upward break out will be seen after follow up consolidations within this range but valid break out of 5823-5965 should also be watched for next trend confirmations.
Previous resistance was between 5935-5965 and yesterday resistance range(5911-5939) confirmation today through forceful break down today. More down moves can not be ruled out but strong supports lies between 5839-5860 and its break down will not be easily possible . Last 14 sessions trading between 5823-5965 and more sessions trading will be within this range. Expected that finally upward break out will be seen after follow up consolidations within this range but valid break out of 5823-5965 should also be watched for next trend confirmations.
Let market prepare for next moves then will be updated in next Outlooks from intraday charts formations.