Oscillators are oversold therefore Pull Back Rally is being seen after lower levels supports and consolidation patterns formations despite all around following negative news flow:-
1- Indian Rupee weakness since opening today.
2- Indo Pak Border tension.
3- Global markets weakness
As market ignored all most depressing news and recovered from lower levels after getting supports therefore until complete selling patterns will not develop till then next down moves will not be considered. Last more than 1 hour up moves are not showing strength therefore it is indication of weakness and today trading range(5488-5541) valid break out will be next trend confirmations
1- Indian Rupee weakness since opening today.
2- Indo Pak Border tension.
3- Global markets weakness
As market ignored all most depressing news and recovered from lower levels after getting supports therefore until complete selling patterns will not develop till then next down moves will not be considered. Last more than 1 hour up moves are not showing strength therefore it is indication of weakness and today trading range(5488-5541) valid break out will be next trend confirmations