As good selling at higher levels yesterday therefore following possibility was projected in Technical Analysis and Market Outlook(17-08-2012)-
1- firstly down moves are expected
2- very short term correction confirmation to test next support range(5290-5320).
3- Follow up consolidation is must in the coming sessions for decisive up moves above 5400.
Today trading between 5341-5399 with higher levels selling and lower levels buying also therefore firstly indian markets will trade and prepare for next moves within this range. As good supports below 5341 between 5290-5320 therefore deeper correction confirmation will be sustaining below 5290. Sustaining above 5400 will mean strong fast rally and next trend confirmation will be sustaining beyond 5290-5400.
1- firstly down moves are expected
2- very short term correction confirmation to test next support range(5290-5320).
3- Follow up consolidation is must in the coming sessions for decisive up moves above 5400.
Today trading between 5341-5399 with higher levels selling and lower levels buying also therefore firstly indian markets will trade and prepare for next moves within this range. As good supports below 5341 between 5290-5320 therefore deeper correction confirmation will be sustaining below 5290. Sustaining above 5400 will mean strong fast rally and next trend confirmation will be sustaining beyond 5290-5400.