Last Resistances of 28 Sessions will decide next Trend
Market Outlook(26-05-2016)
As blasting Global markets today morning therefore 85 points gains in first 30 seconds after huge gap up opening and closing near the higher levels of the day after whole day up moves. Still Nifty will be understood 28 sessions sideways between 7678-7992 and sustaining above 7992 will mean Wave-3 of post Budget 2016-17 rally beginning after Wave-2 correction completion within sideways trading between 7678-7992.
Next and last resistances within this range are between 7954-7992 and once sustaining above will confirm fresh strong rally above life time high(9119). As mentioned resistances are almost 1 month old and intraday selling patterns were not seen today therefore rally continuation expectations above 7992 are alive after follow up consolidation near about it.
As last resistances of 28 sessions trading range are between 7954-7992 and its valid break out will decide next trend therefore should be firstly watched tomorrow for next trend confirmations.