1- Buying between 5460-5492 on 10-06-2011
2- Buying between 5438-5496 on 13-06-2011
3- Buying between 5485-5495 on 14-06-2011
4- Selling between 5505-5517 on 14-06-2011
Last 3 sessions base formation between 5439-5496,next strong resistance range is 5522-5604 and between these 2 ranges yesterday selling between 5505-5517.
As higher levels selling(5505-5517) yesterday and strong resistance range(5522-5604) therefore fresh consolidation is required in the coming sessions to cross and sustain above 5604. My previous outlooks are live proofs of this fact that I posted only bullish views from the bottom of on going rally and also explained its reasons in Weekly Outlook(Jun 13 to Jun 17,2011).
US markets are more than 1.25% up at this moment and such positive closing today will mean stronger Asian markets tomorrow morning therefore Indian markets will also open positive and firstly trade in Green zone. Markets are used to consolidate at higher levels in Bullish markets and tomorrow consolidation will mean again hope of 5600 testing.
Expected that Nifty will consolidate between mentioned resistance range and finally cross 5605 for blasting. As Indian markets have to cross resistance range therefore 5522-5555 break out will be firstly watched in the coming sessions for next bullish moves and indian markets next moves preparation confirmations.