Following lines were told yesterday in Technical Analysis and Market Outlook(20-08-2013
1- Consolidation at lower levels between 5360-5400
2- some up moves can not be ruled out tomorrow
As Indian Rupee weakened more than 2% between yesterday closing and today opening of Indian markets therefore Nifty crashed more than 100 points within first 2 minutes today but more than 100 points recovery from lower levels and last more than 3 hours trading within above mentioned Consolidation range(5360-5400)
Some up moves possibility was told yesterday and it was seen also today through more than 100 points lower levels recovery and now Nifty is preparing for next moves between 5360-5400. View is finally Bearish and high volatility is a nature of Bearish markets therefore lower levels recovery seen today and more Short Term up moves can not be ruled out also because no selling signals seen yet.
1- Consolidation at lower levels between 5360-5400
2- some up moves can not be ruled out tomorrow
As Indian Rupee weakened more than 2% between yesterday closing and today opening of Indian markets therefore Nifty crashed more than 100 points within first 2 minutes today but more than 100 points recovery from lower levels and last more than 3 hours trading within above mentioned Consolidation range(5360-5400)
Some up moves possibility was told yesterday and it was seen also today through more than 100 points lower levels recovery and now Nifty is preparing for next moves between 5360-5400. View is finally Bearish and high volatility is a nature of Bearish markets therefore lower levels recovery seen today and more Short Term up moves can not be ruled out also because no selling signals seen yet.
Follow up moves within 5360-5400 and finally sustaining it beyond will be next Short Term Trend confirmations and should be firstly watched now.