Indian markets are out performing Asian markets since opening today, Nymex Crude slipping below 100 has also given psychological boost to all Asian markets and all recovered from lower levels. Nifty traded first 4 houts within 5400-5500 and now trading above 5500 with intraday consolidation patterns. Double top resistance near 5600 but not strong because markets slipped from there due to negative news flow without genuine selling patterns.
Strong recovery from lower levels today but Nifty is range bound between 5400-5600 for the last 10 sessions therefore sustaining above 5600 will also be watched for long term trend and all trends confirmations. If market favourable news comes from Libya and Japanese Nuclear plants then Nifty above 5600 will certainly be expected.
News based markets between 5400-5600 and get confirmation from sustaining beyond mentioned range only.
