Although Indian markets moved up sharply after WPI data yesterday but we clearly mentioned next Resistances between 5940-5970 in all the previous Outlooks as well as told the condition of valid break out above 5970 for the confirmation of any uptrend. We told following lines in Preparation for Post Credit Policy Trend:-
1- 5874-5893(crossed yesterday but sustaining above is required yet)
2- 5940-5970(strong resistances)
Nifty could not sustain above mentioned resistances despite trading above 5940 today and slipped more than .75% down after loosing more than .50% gains. As today down moves are without as such selling patterns therefore will be understood only intraday volatility and sustaining beyond following crucial levels will decide next trend:-
1- 5874-5893(1st indication)
2- 5940-5970(strong resistances)
3- 5792-5920( Next trend confirmation)
1- 5874-5893(crossed yesterday but sustaining above is required yet)
2- 5940-5970(strong resistances)
Nifty could not sustain above mentioned resistances despite trading above 5940 today and slipped more than .75% down after loosing more than .50% gains. As today down moves are without as such selling patterns therefore will be understood only intraday volatility and sustaining beyond following crucial levels will decide next trend:-
1- 5874-5893(1st indication)
2- 5940-5970(strong resistances)
3- 5792-5920( Next trend confirmation)