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Bullish Formations
1- Double bottom at 5496
2- Good intraday consolidation between 5500-5573
3- Wave 3 range bound between 5496-5655
Bearish Formations
1- Lower top formations at 5655
2- Tripple top formation at 5655
3- Selling between 5595-5653
4- Engulfing Bearish Candle today.
Conclusions
Sub Wave-3 is on after corrective Sub wave-2 completion at 5496 and range bound between 5496-5655 for the last 7 sessions,Good support between 5500-5573 and resistance between 5595-5653 within this range. Implication of 5595-5653 break out are as follows:-
1- Sustaing above 5653 will be confirmation of impulsive Sub Wave-3 contunuation and upmoves will be expected after crossing 5740.
2- sustaining below 5496 will be confirmation of Sub Wave-3 failure and corrective Sub Wave-2 continuation and sharp down moves will be seen between 5195-5496
Conflicting global news flow and sentiments therefore news based voltality is being seen for the last few sessions. Next trend confirmation will be sustaining beyond 5496-5655 and should be watched first because lower levels support and higher levels resistance within mentioned 156 points range. Expected that Nifty will trade between mentioned range and firstly prepare for next moves near 5573.