Panic bottom formtaion after USA Shut Down news and recovery from lower levels but that will be understood only Pull Back Rally at this moment. As Neckline(5810) of 14 sessions Bearish Head and Shoulders broken down yesterday with gap(5810-5819) down opening therefore this range will be next resistance and any decisive up move will be understood after sustaining above 5819. Next gap support is between 5689-5738 and good support seen between it today at 5701 therefore next Long Term Trend deciding range is 5689-5819 and Nifty will prepare for big moves within this range because Long Term Trend decider 200 Day EMA is lying between this range at 5751.
Technically Indian markets are not prepared for any side big moves because lower levels supports today after Bullish Falling Channel formations yesterday but Bearish Head and Shoulders formantions in previous 14 sessions also therefore Nifty will firstly trade and prepare for next trend between 5689-5819 and valid break out of this range will decide:-
1- Rally after correction completion above 5819 or
2- Trend reversal below 5689.
Technically Indian markets are not prepared for any side big moves because lower levels supports today after Bullish Falling Channel formations yesterday but Bearish Head and Shoulders formantions in previous 14 sessions also therefore Nifty will firstly trade and prepare for next trend between 5689-5819 and valid break out of this range will decide:-
1- Rally after correction completion above 5819 or
2- Trend reversal below 5689.
Let market prepare and intraday charts complete its patterns then will be updated according to its formations.