Correction started after good selling above 5850 and after all trends turned down after Nifty slipping below 200 Day EMA. As good selling at higher levels therefore complete consolidation is the requirement for any short term/pull back rally.
Nifty traded between 5450-5590 in last 6 sessions with multiple resistances at higher levels and multiple supports at lower levels. Intraday charts of today are suggesting good consolidations and this process is seen near higher band of last 6 days range. Intraday charts of most of the Indices and many stocks are showing consolidation patterns today. Ranges positions are as follows:-
1- Last 6 days range- 5450-5590
2- Today condolidations- 5525-5550
3- Next resistance(requiring consolidations for any up moves)- 5550-5590
As per my view fresh consolidation expected between 5550-5590 tomorrow and moves above 5590 will be seen in the coming sessions. US markets are in deep Red and Dow Jones is more than 170 points down at this moment therefore weak opening is possible tomorrow and market will be decided through sustaining below any support level. As consolidation seen between 5525-5550 today and if global markets crashes and Nifty sustains below 5525 then any down moves will be considered. As good condolidations betweeen 5525-5550 today therefore if Nifty moves above 5550 then it will be short term/pull back rally confirmations.
Today US markets closing and then Asian markets reponse and after that Indian markets first half hour trading will tell Indian markets response to global storm. Although sentiment may be most depressed tomorrow morning but rally expected within couple of sessions.
Nifty traded between 5450-5590 in last 6 sessions with multiple resistances at higher levels and multiple supports at lower levels. Intraday charts of today are suggesting good consolidations and this process is seen near higher band of last 6 days range. Intraday charts of most of the Indices and many stocks are showing consolidation patterns today. Ranges positions are as follows:-
1- Last 6 days range- 5450-5590
2- Today condolidations- 5525-5550
3- Next resistance(requiring consolidations for any up moves)- 5550-5590
As per my view fresh consolidation expected between 5550-5590 tomorrow and moves above 5590 will be seen in the coming sessions. US markets are in deep Red and Dow Jones is more than 170 points down at this moment therefore weak opening is possible tomorrow and market will be decided through sustaining below any support level. As consolidation seen between 5525-5550 today and if global markets crashes and Nifty sustains below 5525 then any down moves will be considered. As good condolidations betweeen 5525-5550 today therefore if Nifty moves above 5550 then it will be short term/pull back rally confirmations.
Today US markets closing and then Asian markets reponse and after that Indian markets first half hour trading will tell Indian markets response to global storm. Although sentiment may be most depressed tomorrow morning but rally expected within couple of sessions.
