As Indian markets were not prepared for any side moves therefore following lines wete told in Weekly:-
Indian markets will first prepare for next moves within 5800-5900 and then next moves will be seen according to above mentioned targets. Indian markets will first prepare within mentioned range and then next moves will be understood:-
1- Firstly from intraday trading patterns.
2- Secondly after breaking out of 5800-5900.
Nifty traded within 5796-5914 yesterday but intraday moves witnessed news based(Korean war) huge voltality in following manner:-
1- Nifty slipped 80 points in just 16 minutes after Korean war news in business news channels.
2- Retail traders panic selling seen between 5800-5830 and after that Nifty surged 40 points within 12 minutes.
3- 40 points upmove with Rising Wedge(Selling Pattern) within 5874-5914 seen in last 1 hour.
Although Nifty closed at the top of the day but yesterday trading patterns are showing mixed signals because consolidation patters within 5800-5830 and distribution patterns within 5874-5914. Nifty has to sustain above 5914 finally for decisive upmoves and sustaining below 5800 will mean sharp declines. Break out implications of 5800-5900 has already been discussed in weekly of this week.
As Indian markets closed at the top of the day therefore Firstly sustaining above 5900 will be watched. Sustaining above 5900 will mean move toward next resistance 5970-6015. Sustaining below 5900 will mean testing possibility of next support range(5800-5830).
Let intraday moves develop then conclusions and next expected moves will be posted in Mid-Session Outlooks.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
