Indian markets traded last 4 hour unders the shadow of much weaker IIP data. Indian markets slipped immediately after IIP data declaration but Nifty got support at 6058. Minor support yesterday range is 6058-6075 but intraday patterns are showing distribution formations. As Nifty traded most of the time within 6060-6100 yesterday with lower levels intraday support and selling patterns at higher levels therefore firstly trading within mentioned yesterday range or near about will be seen today.
Next resistance range is 6120-6140 and if sentiment heated up due to global markets then today first trading range may shift to 6070-6120 also and in all the situations next trend confirmation range will be 6058-6140 and its break out will give next move confirmations.
In all the sentiments first expected range is 6070-6120.As distribution could not complete due to weaket IIP data yesterday therefore fresh selling is must to dip below 6058 and voltality within first trading range can not be ruled out.
Finally down move below 6058 expected but for final conclusions selling patterns wthin 6070-6120 are must and that will be drawn after first 3/4 hours intraday charts analysis. Let market prepare for next moves then final conclusions will be dawn and posted during trading hours.
(Lalit Kumar Dhingra)
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
