Long and intermediate term trends are up .Short term is sideways between 5230-5365 and it is very much confirm that break out of this range will give strong and fast move. Only intraday charts analysis will tell first of all the side of break out well in advance. Nifty consolidated 3 days near 5230 and after that sharp surge was seen yesterday and now It is strong support. Complete selling require in the coming sessions to break it and until that does not happen till then levels below it can never be imagined. Nifty slipped from 5365 but without genuine selling patterns under global pressure therefore resistances above are not strong but price action has to be watched at following resistances:-
1- 5320-5348
2- 5355-5365
3- 5365-5387(Old)
As resistances therefore consolidation requires to cross above mentioned resistances and 5400. Last 12 days Daily chart is showing Bullish Flag formations and its implications has been posted in this week Weekly. More consolidation expected in the coming sessions to cross 5400 and voltality possibility is high.
As US markets could not maintain higher levels and closed with minor gains yesterday as well as US futures is also trading sufficient weak today morning therefore all the Asian markets are subdued and trading in Red therefore sentiment depressed therefore Indian markets will open weak and:-
1- Nifty will first trade below 5300.
2- narrow range trading near 5300 expected
3- Today closing may be at any side
4- consolidation for next days up move preperations expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
