It is being non stop told since long for bear markets and dipping below 5932 possibility and it has happened. My outlooks are live proofs of this fact that I told only for bullish run away rally from 05-07-2010 and that was seen. When I started to tell for correction,rally stopped and correction started after that. Let market complete its correction then I shall tell well in advance about completion of correction and commencement of fresh rally.
As intermediate term correction is confirm therefore according to market nature 200-Day EMA testing possibility is high. Markets Moves does not mature within hours but takes its own time to complete process therefore let consolidation start and finish then up moves should be expected. As short term indicators are oversold therefore minor Pull back rally can be expected after any panic bottom but rally should be expected after complete consolidations.
Resistances are as follows:-
1- 5850-5895
2- 5935-5975(Strong resistance)
3- 5975-6015(Strong resistance)
4- 6080-6120
5- 6180-6195
6- 6250-6320
Supports are as follows:-
1- 5780-5805
2- 5580-5640
3- 5475-5500
4- 5420-5445
5- 5350-5370
Next Fibonacci correction levels are as follows:-
50.0%- 5844
61.8%- 5727
70.7%- 5639
76.4%- 5582
78.6%- 5560
88.6%- 5461
Nifty traded within 1st support range yesterday and expected that Nifty will hover around 5800 today. Any minor intraday up move possibility on the back of positive news or global sentiments can not be ruled out but until Nifty will not sustain minimum above mentioned 1st resistance till then any up move will not be considered. Today trading range is 5780-5850 and closing expected within it also.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
