Nifty traded 3 days between 5855-5945 and technical positions within this range has already been explained in 3 previous outlooks. Certainly Indian markets under performed Asian markets,slipped sharply in first hour,moved below 5855 but not sustained below 5855 also and trading between 5943-5870. It means market has not given breaking down confirmation yet despite slipping below lower levels.
5857-5870 was base formation range of 05-04-2011 and Nifty is trading betwen this range after 1st hour slipping. Breaking out conclusions of this range will be as folluws:-
1- Sustaining above 5870 will mean revival of up move hopes and testing possibility of levels up to 5945.
2- Sustaining below 5857 will mean deeper correction.
Although 5855 broken down today but confirmation required and final view should be formed according to break out of 5843-5870