All the Asian markets slipped from day's higher levels and either closed near day's lower levels or trading near day's lower levels. Indian markets also followed Asian markets and Nifty is trading below 5500 after intraday selling between 5500-5515.
Although IIP data was above expectations but Asian markets pressure is heavy today and Nifty is trading between support range of 5582-5592. Selling seen at higher levels therefore possibility of moving below 5582 can not be ruled out. As 5582-5592 is support range therefore trading patterns within this range will be watched also because supports getting signals are being emerged within it today.
Markets are completely range bound and final trend will begin after breaking of any key level. Minor up/down moves will be seen according to intraday buying or selling.
Today trading range at this moment(5482-5518) should be used for next immediate move confirmations.
Although IIP data was above expectations but Asian markets pressure is heavy today and Nifty is trading between support range of 5582-5592. Selling seen at higher levels therefore possibility of moving below 5582 can not be ruled out. As 5582-5592 is support range therefore trading patterns within this range will be watched also because supports getting signals are being emerged within it today.
Markets are completely range bound and final trend will begin after breaking of any key level. Minor up/down moves will be seen according to intraday buying or selling.
Today trading range at this moment(5482-5518) should be used for next immediate move confirmations.