Mid-session Outlook-2(14-01-2013)
Finance Minister positive announcement of postponing GAAR for 3 years and will be effected from Apr 2016 as well as acceptance of major proposals of shome committee,it is 2nd positive news after improved December inflation data today and Nifty is trading near 6000 for the last 4 hours.
As intraday consolidation patterns also seen today therefore confirmation of reentering into 8 sessions sideways trading range(5950-6026) but more consolidation is required between next resistance range(6000-6026) for crossing and sustaining above 6026.
Follow up moves and valid break out of 8 sessions sideways trading range(5950-6026) will give following confirmations:-
1- Above 6026 will mean up moves toward next target between 6239-6331.
2- Below 5950 will mean correction after Sub Wave-5 achieving its 1st target between 6031-6331 at 6042.15 on 07-01-2013.