I told following lines near 8 pm on Monday for Tuesday market:-
1- Dow is trading more than 100 points up at this moment and Opening may be positive but Nifty will not sustain above 6145 and finally dip below 6100 in the coming couple of sessions.
2- Whatsoever may be global cues Tuesday morning but Nifty will not be able to cross Monday range and will slip below 6100 and will first test levels near 6060 in the coming sessions.
Nifty slipped below 6100 after selling patterns and closed below Monday range at 6082 yesterday. Last 3 sessions trading range is 6000-6145 and genuine selling patterns seen at higher levels within 6090-6145. Last 6 days trading range is 5985-6145 and within this range good buying within 5985-6030 also. Today expected trading range is 6030-6090 and after last 3 days selling at higher levels 6030 testing can not be ruled out in comming couple of sessions.
Daily Chart is suggesting ABC correction formations which minimum target is at 5849 and its calculation is shown in attached EOD chart.Except this following levels may also be correction completion points and testing possibility can not be ruled out:-
1- 55 Day EMA is at 5859 today.
2- 50.0% Fibonacci Retracement level- 5816
If Nifty sustains below 5932 then intermediate term trend will be down but there is strong support range(5985-6030) is between 6090 and 5932 and if follow up selling develop today then 6030 testing is confirm within next 2 days. As correction started after Rising Wedge reversal pattern therefore 5849 is also posible after ABC correction indaications.
Strong Asian markets are not expected today morning therefore flat to weak opening is possible today and also expected that Nifty will finally sustain below 6090 and will test minimum 6030 in the coming couple of sessions.