"last more than 4 hours down moves in "Bullish Falling Channel" formation also today therefore a signal of correction completion"
As Bullish pattern formation therefore whole 4 hours down moves neutralised in only 5 minutes up minutes up moves today.
Although all the Asian markets were in Red but we were not Bearish and cautioned in Pre-open Outlook today at 08:38 AM:-
Although consolidation seen above 6498 in last 2 sessions and slipping below it can not be ruled out today due to Global sentiments but sustaining below it is must for any decisive down moves confirmations.
Nifty could not sustain below 6498 and forcefully moved up.
As mixed trading patterns formations in previous 2 sessions therefore follow up moves with sustaining beyond 6487-6562 will be next decisive moves confirmation and should be firstly watched in the coming sessions but rally continuation hopes above 6562 are alive.