All trends are up,On going rally made new high with mixed intraday patterns within 5775-5810 yesterday. As Nifty slipped sharply from day.s higher levels and traded range bound at lower levels of the day with mixed intraday patterns therefore this move will also be considered as intraday correction but confirmation required and that will be acquired from mentioned range break out.
Nifty will move near about mentioned range today and prepare for next moves and sustaining beyond of mentioned range will give next move confirmations. Following 2 possibilities will be considered accoding to break out of mentioned range:-
1- Upward break out(above 5810)- will mean continuation of rally after yesterday intraday correction.
2- Downward break out(below 5775)- will mean minor or very short term correction after 11 sessions 489 points rally and also due to over bought very short term indicators.
3rd wave is on and firstly levels above 6000 and then 6359 will be seen in the coming weeks/months and only it has to be decided today that 6000 will be tested after very short term correction or without any correction. Sustaining below 5770 will mean up move after litle deeper correction and sustaining above 5810 will mean continuation of rally after yesterday intraday correction.
Today trading levels are as follows:-
5875- Expected to test within couple of sessions.
5835- Expected that Nifty will move above it.
5800- Expected that Nifty will sustain above it.
5755- Sopport and expected that will not move below it today.
Opening will depend on global cues and expected that Nifty will finally sustain above 5810 and cross 5835 today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
