Positive global cues led gap up opening but not sustaining at higher levels and immediate slipping today. Rally started after consolidation between 5940-5970 in mid-Jan-2013 and Nifty traded between 5948-5970 yesterday with lower levels consolidations and good intraday supports between 5948-5960 yesterday,follow up moves today will decide the fate of this support range. As good selling in previous 14 sessions at higher levels therefore complete consolidation is required for any decisive up move above 6000 and it will be decided today through follow up consolidations/distribution today.
Next trend deciding range is 5940-5970 and valid break out of this range should be firstly watched now for:-
1- Correction continuation toward 5823 or
2- Up moves after correction completion toward 6111/6239//6331
Next trend deciding range is 5940-5970 and valid break out of this range should be firstly watched now for:-
1- Correction continuation toward 5823 or
2- Up moves after correction completion toward 6111/6239//6331