Sentiment was extremely depressed after huge fall in US markets yesterday but Dow's Futures is trading more than 80 points up therefore technical bounce back in all Asian markets and same reaction seen in Indian markets also through recovery from lower levels. Following line was told in previous Outlook:-
As Short Term Indicators are oversold therefore Pull Back rally or Bounce Back may be seen any day but that will fuse after very Short Term up move.
At present only short lived Pull Back rally/Bounce Back will be considered and until complete consolidation will not happen till then any decisive rally will not be seen. Next resistances are between 5685-5710 and and decisive up move first signal will be after sustaining above 5710,let it happen otherwise more down moves possibility is still alive.
As Short Term Indicators are oversold therefore Pull Back rally or Bounce Back may be seen any day but that will fuse after very Short Term up move.
At present only short lived Pull Back rally/Bounce Back will be considered and until complete consolidation will not happen till then any decisive rally will not be seen. Next resistances are between 5685-5710 and and decisive up move first signal will be after sustaining above 5710,let it happen otherwise more down moves possibility is still alive.
Now Nifty is trading near about the lower levels of above mentioned resistance range and firstly sustaining beyond its lowest(5685) should be watched and Outlook is still Bearish.