Following lines were told yesterday in Technical Analysis and Market Outlook(28-05-2014)
Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
Range of 7275-7245 was given for next immediate trend confirmations and Nifty traded first 3 hours exactly within this range between 7302.60-7344.75. Although some supports and consolidation seen today but as a whole intraday patterns have not shown clear formations yet therefore same view that sustaining beyond mentioned yesterday trading range should be watched for next immediate trend confirmations and fresh rally beginning hopes are still alive after follow up consolidations above 7248.