Following lines were told yesterday in Technical Analysis and Market Outlook(05-08-2014)
1) Next supports are between 7600-7650 and next resistances are as follows:-
1- 7700-7717
2- 7773-7791
3- 7811-7835
2) confirmations is firstly required tomorrow through sustaining above 7650
3) Multiple resistances above 7700 therefore fresh consolidation is also required for fresh rally after new life time high formation
4) follow up consolidation as well as any positive signal from policy may result fast strong rally because above mentioned resistances are not much strong.
High volatility just before and after RBI Credit policy and trading between above mentioned supports(7600-7650) and 1st resistances(7700-7717). As only high volatility and as such no clear positions formations between 7639-7720 today therefore firstly sustaining beyond 7600-7717 should be watched for next trend:-
1- 1st strong signal of correction completion above 7717
2- Deeper correction confirmation below 7600.
1) Next supports are between 7600-7650 and next resistances are as follows:-
1- 7700-7717
2- 7773-7791
3- 7811-7835
2) confirmations is firstly required tomorrow through sustaining above 7650
3) Multiple resistances above 7700 therefore fresh consolidation is also required for fresh rally after new life time high formation
4) follow up consolidation as well as any positive signal from policy may result fast strong rally because above mentioned resistances are not much strong.
High volatility just before and after RBI Credit policy and trading between above mentioned supports(7600-7650) and 1st resistances(7700-7717). As only high volatility and as such no clear positions formations between 7639-7720 today therefore firstly sustaining beyond 7600-7717 should be watched for next trend:-
1- 1st strong signal of correction completion above 7717
2- Deeper correction confirmation below 7600.