Highly volatile markets during Assembly Election Results day,Nifty is trading between yesterday trading range(5267-5322) at this moment and importance of this range have already been discussed in previous outlook.
It was expected that on going correction will complete now fresh up moves will start after correction completion and increase in Congress strength but market could not sustain at higher levels after confirmation of Punjab defeat and no role in U.P. Govt. formations.
Tough to understand the change of Technical positions during such high volatility therefore next moves and fate of Intermediate term trend will get confirmations through:-
1- Sustaining beyond yesterday trading range(5267-5322) for first indication.
2- Sustaining beyond intermediate term trend decider 5340 for final confirmations.
It was expected that on going correction will complete now fresh up moves will start after correction completion and increase in Congress strength but market could not sustain at higher levels after confirmation of Punjab defeat and no role in U.P. Govt. formations.
Tough to understand the change of Technical positions during such high volatility therefore next moves and fate of Intermediate term trend will get confirmations through:-
1- Sustaining beyond yesterday trading range(5267-5322) for first indication.
2- Sustaining beyond intermediate term trend decider 5340 for final confirmations.