Heavy selling and multiple resistances in last 59 sessions between 5823-6111 and last hope for Bulls is 5823. As sentiment is weak and down moves continuation also therefore slipping below 5823 can not be ruled out but sustaining it below is must for breaking down confirmations. Down moves immediately after opening but intraday patterns are not showing selling and on the contrary consolidation indications also but lot of consolidation is required for any decisive up moves from here.
As Intraday consolidation formations today with lower levels supports indications also therefore firstly sustaining above today low(5836) and finally sustaining beyond 5823 should be watched for:-
1- Deeper correction below 5823 or
2- Firstly some up moves hopes above 5823 and finally rally after correction completion will be considered after sustaining above crucial resistances at higher levels.
As Intraday consolidation formations today with lower levels supports indications also therefore firstly sustaining above today low(5836) and finally sustaining beyond 5823 should be watched for:-
1- Deeper correction below 5823 or
2- Firstly some up moves hopes above 5823 and finally rally after correction completion will be considered after sustaining above crucial resistances at higher levels.