Technical positions of Nifty is as follows:-
1 Supports between 5934-5992.
2- Resistances between 6059-6097.
3- Intermediate Term Trend is down and Long Term is sideways.
As multiple resistances developed between 6130-6358 during 40 sessions therefore this range broken down and market require complete time for decisive rally after good consolidations and supports in previous week below Long Term Trend decider 200-Day EMA(today at 6002).
Although Nifty slipped below 6059 but minor intraday support and consolidation seen between 6052-6062 and now trading above 6059 for the last 1 hour. Firstly sustaining beyond following ranmge should be watched for first indication and next big trend:-
1- 6059-6097
2- 5934-6097
3- 5934-6130
Expected that finally up moves will be seen after follow up consolidations within mentioned ranges but follow up consolidation is must because Intermediate Term Trend is down and Long Term is sideways.
1 Supports between 5934-5992.
2- Resistances between 6059-6097.
3- Intermediate Term Trend is down and Long Term is sideways.
As multiple resistances developed between 6130-6358 during 40 sessions therefore this range broken down and market require complete time for decisive rally after good consolidations and supports in previous week below Long Term Trend decider 200-Day EMA(today at 6002).
Although Nifty slipped below 6059 but minor intraday support and consolidation seen between 6052-6062 and now trading above 6059 for the last 1 hour. Firstly sustaining beyond following ranmge should be watched for first indication and next big trend:-
1- 6059-6097
2- 5934-6097
3- 5934-6130
Expected that finally up moves will be seen after follow up consolidations within mentioned ranges but follow up consolidation is must because Intermediate Term Trend is down and Long Term is sideways.