1- All the global markets closed with strong gains and Us markets are also trading more than 1% up at this moment therefore positive opening expected today but Nifty will not sustain above 6178.
2- intraday charts genuine selling patterns therefore slipping below 6154 will be seen and Red closing expected today despite most bullish global sentiments.
Nifty traded most of the time in Red area yesterday with good amount of voltality and good selling formations at higher levels which are shown in following yesterday intraday charts:-
1- On 03-01-2011 in Weekly:-"Last 2 sessions intraday charts are showing distribution signals "
2- On 04-01-2011 in Pre-Open:-
a- " intraday charts are showing genuine selling formations"
b- "Red closing expected today despite most bullish global sentiments"
3- On 04-01-2011 in Mid-Session-2:- Follow up selling seen today and more down move possibilities can not be ruled out.
Rally begun after genuine buying on 28-12-2010 and selling seen during up moves as well as last 2 days selling within 6145-6178 also. As last 2 days selling seen just below next resistance range(6180-6195) also therefore this raesistance strengthened and slipping below 6128 will mean faster down moves begining. Good consolidations requires now to cross 6180.
Nifty traded within 6128-6178 in last 2 sessions with good selling at higher levels and sustaining below 6128 will mean short term correction commencement to test lower levels within 6000-6080.
As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080.