Indian markets opened and trading with good gains but not strong and under performing global markets immediately after opening today. Coming hours intraday charts will give confirmation of consolidation or distribution and break out of 5555-5600 will give next move first indiction but:-
1- Resistance between 5606-5636 above 5600
2- Support between 5535-5553 below 5555
Next trend confirmation 101 point range is 5535-5636 and expected that Nifty will trade between this range in couple of sessions and prepare for next moves. Next trend deciding broader range is 5496-5740 but break out of 5535-5636 will be almost confirmation of mentioned broader range crossing.
9 days range bound market and 3 following crucial ranges are for confirmation of next trend of Indian markets and break out of these ranges will give next moves confirmation one by one:-
1- 5555-5600(Indication consolidation/distribution)
2- 5535-5636(First indication next trend)
3- 5496-5740(Next trend confirmation)
As today intraday charts are showing consolidation patterns therefore rally expectations are very much alive.
1- Resistance between 5606-5636 above 5600
2- Support between 5535-5553 below 5555
Next trend confirmation 101 point range is 5535-5636 and expected that Nifty will trade between this range in couple of sessions and prepare for next moves. Next trend deciding broader range is 5496-5740 but break out of 5535-5636 will be almost confirmation of mentioned broader range crossing.
9 days range bound market and 3 following crucial ranges are for confirmation of next trend of Indian markets and break out of these ranges will give next moves confirmation one by one:-
1- 5555-5600(Indication consolidation/distribution)
2- 5535-5636(First indication next trend)
3- 5496-5740(Next trend confirmation)
As today intraday charts are showing consolidation patterns therefore rally expectations are very much alive.