In intraday and short term Markets move on news also and completely ignore technicals therefore all the news have to be kept in mind also. Last Tuesday Indian markets slipped sharply and closed at day's lowest after continuous down fall of US futures(Dow's futures moved to more than 100 points down during indian trading hours). US markets tumbled more than 1% yesterday therefore cautions for today also.
Nifty traded most of the time within 5360-5400 in last 8 sessions,finally break out and sustaioning beyond will give big move to Indian markets. Intraday charts of last 8 sessions are showing consolidation patterns therefore technically upward break out is expected but US markets are slipping sharply and disturbing global markets sentiment. Most of the Asian markets are weak today morning and sentiment subdued. Nifty will again trade today within last 8 days trading range after weak opening and if any crashing news does not come from global markets the will not dip below 5360.
As last 8 sessions intraday charts are suggesting consolidations therefore finally upward break out and sustaining above 5400 expected in the coming sessions with only caveat of global market not crashing. If any big global fall news does not come then either positive closing or within last 8 days range expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
