Following conclusive line was told in Technical Analysis and Market Outlook(20-02-2013):-
Next resistance is between 5960-5985 and sustaining above it must for today started up moves continuation confirmations.
Although Nifty opened above 5960 but sliipped below it within first 3 minutes and since then trading between 5941-5960. It is clear that Nifty is trading just below next resistance and follow up intraday positions today will pave the way of following next moves:-
1- Follow up consolidation will mean up moves above 5985 after more consolidations between 5960-5985.
2- Follow up selling will mean strengthening of above mentioned next resistance and down moves toward next supports below 5900.
Although continuous slipping after positive opening today but it may be correction of yesterday strong up moves also and next moves preparation will be seen between 5900-5960 therefore this range valid break out will be next trend confirmation.
As emergence of consolidation indications today therefore yesterday started rally continuation hopes are still alive but after complete consolidations in the coming sessions.
Next resistance is between 5960-5985 and sustaining above it must for today started up moves continuation confirmations.
Although Nifty opened above 5960 but sliipped below it within first 3 minutes and since then trading between 5941-5960. It is clear that Nifty is trading just below next resistance and follow up intraday positions today will pave the way of following next moves:-
1- Follow up consolidation will mean up moves above 5985 after more consolidations between 5960-5985.
2- Follow up selling will mean strengthening of above mentioned next resistance and down moves toward next supports below 5900.
Although continuous slipping after positive opening today but it may be correction of yesterday strong up moves also and next moves preparation will be seen between 5900-5960 therefore this range valid break out will be next trend confirmation.
As emergence of consolidation indications today therefore yesterday started rally continuation hopes are still alive but after complete consolidations in the coming sessions.