Indian markets opening was excellent today morning but follow up buying patterns were missing and sentiment automotacally turned Bullish during AGM of RIL therefore Bullish views were not posted despite encouraging announcements by Mukesh Ambani. Following lines were told:-
"News based market since opening today morning therefore today trading range(5565-5605) break out will give confirmation to next decisive and trending moves"
5565 broken down fast after last 2 sessions some selling and today news based higher level selling therefore consolidation is must for any upmove. Next crucial levels are as follows:-
1- Next support range- 5495-5515
2- 38.2% retracement levels- 5494
Correction is on and Nifty is trading between above mentioned support range. Nifty traded last 2 hours between 5510-5535 today with intraday consolidation patterns but it is not sufficient and follow up buying and base formation is must between 5494-5535 in the begining of next week for support confirmations.
"News based market since opening today morning therefore today trading range(5565-5605) break out will give confirmation to next decisive and trending moves"
5565 broken down fast after last 2 sessions some selling and today news based higher level selling therefore consolidation is must for any upmove. Next crucial levels are as follows:-
1- Next support range- 5495-5515
2- 38.2% retracement levels- 5494
Correction is on and Nifty is trading between above mentioned support range. Nifty traded last 2 hours between 5510-5535 today with intraday consolidation patterns but it is not sufficient and follow up buying and base formation is must between 5494-5535 in the begining of next week for support confirmations.