Although Indian markets closed at the lowest of the day last Friday but we did not posted Bearish views in all 3 previous Outlooks because intraday charts showed consolidation patterns formations last Friday. Today also when Nifty was trading near today lowest then also we did not updated Bearish views at 12:50 PM because intraday patterns are not showing as such selling formations and good recovery with new intraday high formation was seen after that.
Emergence of fresh up moves hopes because intraday supports at lower levels today but good selling at higher levels in last 60 sessions therefore lot of consolidations are required for any decisive up moves and Valid break out of 5823-5873 will be firstly watched for next big moves confirmation.