Firstly high volatility after 50 basis points Repo Rates cut by RBI and lower levels supports as well as higher bottom formation also with closing near day's higher levels today are strong indications of rally after correction completion.
Following lines were told yesterday in Market capped between 5175-5305:-
1- Free Trading zone between 5231-5275 and expected that Nifty will firstly trade and prepare for next moves within this range,break out of this range will be first indication
2- sustaining beyond 5175-5305 will be next decisive trend confirmation.
3- strong multiple resistances at higher levels also therefore equally complete consolidation is required to sustaining above next Resistance(5275-5305) and until Nifty will not sustain above 5305 till then any decisive up move will not be considered
4-Nifty will trade next 2/3 sessions between 5175-5305 and prepare.
All above 4 projections of yesterday proved accurate today. Good support and strong moves today but rally beginning confirmations are must after correction completion through sustaining above minimum above 1st Resistance and that is at 5305.
Following lines were told yesterday in Market capped between 5175-5305:-
1- Free Trading zone between 5231-5275 and expected that Nifty will firstly trade and prepare for next moves within this range,break out of this range will be first indication
2- sustaining beyond 5175-5305 will be next decisive trend confirmation.
3- strong multiple resistances at higher levels also therefore equally complete consolidation is required to sustaining above next Resistance(5275-5305) and until Nifty will not sustain above 5305 till then any decisive up move will not be considered
4-Nifty will trade next 2/3 sessions between 5175-5305 and prepare.
All above 4 projections of yesterday proved accurate today. Good support and strong moves today but rally beginning confirmations are must after correction completion through sustaining above minimum above 1st Resistance and that is at 5305.