When Indian markets were trading near the higher levels of the day then I told following lines in previous Outlook:-
1- it may be intraday volatility or short covering rally
2- lot of more confirmations are required for trend reversal.
3- Strong resistances are between 5685-5705 and until Nifty will not sustain above 5705 till then trend reversal will not be considered.
Long Term Trend is down and our market is in Bear phase and such type of volatility will be seen because selling markets always remain highly volatile. Correction is on but intraday volatility may be high again in the coming sessions if US markets will close with good gains today,it should be firstly watched tomorrow because US Futures are trading strong at this moment.
1- it may be intraday volatility or short covering rally
2- lot of more confirmations are required for trend reversal.
3- Strong resistances are between 5685-5705 and until Nifty will not sustain above 5705 till then trend reversal will not be considered.
Long Term Trend is down and our market is in Bear phase and such type of volatility will be seen because selling markets always remain highly volatile. Correction is on but intraday volatility may be high again in the coming sessions if US markets will close with good gains today,it should be firstly watched tomorrow because US Futures are trading strong at this moment.