Conclusions from last 10 sessions:-
1- 5400 is strong support,complete selling required for any move below it and until NIfty will not sustain below 5400 till then any down move will not be considered.
2- Indian markets out performed all global markets in recent days catastrophes
Nifty traded most of the time within 5500-5535 today and slipped fast in last one hour,tested 5500 and recovered to 5515 also. Volatile,range bouns and positive market today and reacting fast on every news. Technical positions shift in such situations therefore break out and sustaining beyond today range will give following conclusions:-
1- As Nifty survived above 5400 in worst sentiments therefore sustaining above 5535 will be confirmation of today higher levels consolidations and then begining of fresh rally will be considered.
2- Sustaining below 5500 will be Indian markets surrrendering before Global Crisis and then testing of levels near 5400 will be expected.
Today whole day narrow range trading range break out will give decisive conclusions and confirmation to next Indian markets. Cautious approach is must and trading after break out of 5500-5535 will be safer.