Bull markets correction character was explained in following lines Post-open Outlook yesterday and Indian markets showed exactly same character in last one hour yesterday and first hour today:-
"Only minor very short term corrections should be expected after heated sentiments and rally will remain continued after its completion and fresh higher levels consolidations."
5700-5900 is resistance range and intraday correction with range bound moves or little dips will always be seen in consolidations. Sentiment heated after 438 points rise in last 8 sessions,Very short term indicators are over bought,some pivotal intraday chart are showing selling patterns and Indian markets are underperforming Asian markets also therefore today trading(5780-5800) range break out should be watched first immediate mext moves confirmations.
"Only minor very short term corrections should be expected after heated sentiments and rally will remain continued after its completion and fresh higher levels consolidations."
5700-5900 is resistance range and intraday correction with range bound moves or little dips will always be seen in consolidations. Sentiment heated after 438 points rise in last 8 sessions,Very short term indicators are over bought,some pivotal intraday chart are showing selling patterns and Indian markets are underperforming Asian markets also therefore today trading(5780-5800) range break out should be watched first immediate mext moves confirmations.