As all the Asian and European markets were trading in Red as well as Dow's Futures was also more than 60 points down therefore Indian markets slipped after weak opening but consolidated at lower levels and got intraday support also between 5295-5312. Intraday consolidation patterns signals were seen yesterday also therefore it seems that indian markets are correcting in range bound mode.
Although lower levels supports today but confirmation is required through sustaining above 5312. Nifty got support between 5313-5323 yesterday and finally sustaining above 5323 will be correction completion confirmation. Although Indian markets slipped after mid session sharp surge but slipping patterns are also showing consolidation formations therefore final up moves hopes are alive if Nifty sustains above 5312.
I mentioned following fear in Pre-open Outlook today and repeating it again:-
US markets are flat for the last 5 sessions with intraday charts selling formations therefore big fall there can not be ruled out there and that may trigger global stock markets crash also. Just keep in mind and remain watchful.
Although lower levels supports today but confirmation is required through sustaining above 5312. Nifty got support between 5313-5323 yesterday and finally sustaining above 5323 will be correction completion confirmation. Although Indian markets slipped after mid session sharp surge but slipping patterns are also showing consolidation formations therefore final up moves hopes are alive if Nifty sustains above 5312.
I mentioned following fear in Pre-open Outlook today and repeating it again:-
US markets are flat for the last 5 sessions with intraday charts selling formations therefore big fall there can not be ruled out there and that may trigger global stock markets crash also. Just keep in mind and remain watchful.