Following lines were told in crashing like sentiments during last 2 days not today:-
1- People expectecting blood bath and immediate crash in Indian markets. I would like to add here that market never crash in such bearish sentiments but recover also.
2- minor pull back rally possibility is been seen after finding mixed trading signals within 5975-6010.
3-last 4 hours narrow movewithin 5975-6010.Positions are mixed and will be better to get confirmations from break out from the range.
Minor pull back is being seen and Nifty sustaining above 6010 today will be consolidation and very short term up move confirmation and mentioned up move expected also.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Only Watch 5932 in Most Bearish Sentiments
People expectecting blood bath and immediate crash in Indian markets. I would like to add here that market never crash in such bearish sentiments but recover also. Again repeating for watching and getting confirmations from sustaining below 5932.
Let confirmations come then I shall post my conclusions from intraday charts analysis in Mid-Session Outlooks.
Let confirmations come then I shall post my conclusions from intraday charts analysis in Mid-Session Outlooks.
Watch 5932 for Confirmations
Pre-Open Market Outlook(18-11-2010)
Nifty tested crucial suppoort range 5932-6100 and also closed within this range as well as traded last 4 hours with mixed trading signals within 5975-6010 last tuesday. Sentiment is most bearish and firstly trading below 5975 possibility can not be ruled out but sustaining below it is must for next immediate down move confirmations because minor pull back rally possibility is been seen after finding mixed trading signals within 5975-6010. Correction is continued,sentiment is depressed and if Nifty sustainins below 5975 then testing of 5932 and lower levels possibility will be high.
Global sentiment is extremely weak and good selling patterns at higher levels in Indices and Pivotal stocks also and 5932 breaking possibility is also high but confirmation through sustaining below 5932 is must because Nifty has already got 3 times support within this range(5930-6000) and intermediate term trend will be down below 5932 as well as testing possibility of 200 Day EMA(today at 5501) will be high. I am repesting heading of my weekly outlook:-
"High Possibility of Intermediate Trend Turning Down & Only Saviour is 5932"
Opening will depend on global sentiment and:-
1- Minor pull back rally possibility will be decided acoording to sustaining above mentioned mixed signals range(5975-6010).
2- Intermediate term down trend will get confirmations through sustaining below 5932.
Big move has to be decided amid most bearish global sentiments and negative news flow therefore final view will be formed according to sustaining and today trading patterns.
Just watch sustainability beyond 5932 and get confirmations for next big moves.
Nifty tested crucial suppoort range 5932-6100 and also closed within this range as well as traded last 4 hours with mixed trading signals within 5975-6010 last tuesday. Sentiment is most bearish and firstly trading below 5975 possibility can not be ruled out but sustaining below it is must for next immediate down move confirmations because minor pull back rally possibility is been seen after finding mixed trading signals within 5975-6010. Correction is continued,sentiment is depressed and if Nifty sustainins below 5975 then testing of 5932 and lower levels possibility will be high.
Global sentiment is extremely weak and good selling patterns at higher levels in Indices and Pivotal stocks also and 5932 breaking possibility is also high but confirmation through sustaining below 5932 is must because Nifty has already got 3 times support within this range(5930-6000) and intermediate term trend will be down below 5932 as well as testing possibility of 200 Day EMA(today at 5501) will be high. I am repesting heading of my weekly outlook:-
"High Possibility of Intermediate Trend Turning Down & Only Saviour is 5932"
Opening will depend on global sentiment and:-
1- Minor pull back rally possibility will be decided acoording to sustaining above mentioned mixed signals range(5975-6010).
2- Intermediate term down trend will get confirmations through sustaining below 5932.
Big move has to be decided amid most bearish global sentiments and negative news flow therefore final view will be formed according to sustaining and today trading patterns.
Just watch sustainability beyond 5932 and get confirmations for next big moves.
2 Correction possibilities below 5932
On going upmove started on 31-08-2010 from 5349 and reversed from 6339 . Fibonacci retracement levels will be calculated between 5349-6339 after sustaining below 5932 and after getting intermediate term down move confirmations.
Wave 3 started on 13-07-2009 from 3919 toward minimum target at 6359 and market reversed from 6339 without achieving its minimum target. Although Nifty could not achieve target theoritically but shorting of mere 20 points is negligible in 2440 points rally. Sustaining below 5932 will mean nullification of 39 sessions up move and confirmations of heavy selling at higher levels above 6000. If Nifty sustains below 5932 then ABC correction possibility of whole 2440 points will also be considered and fibonacci retracement levels between 3919-6339 will also be kept in mind.
Let market sustain below 5932 then above posibilities of deeper corrections will be under consideration.
Wave 3 started on 13-07-2009 from 3919 toward minimum target at 6359 and market reversed from 6339 without achieving its minimum target. Although Nifty could not achieve target theoritically but shorting of mere 20 points is negligible in 2440 points rally. Sustaining below 5932 will mean nullification of 39 sessions up move and confirmations of heavy selling at higher levels above 6000. If Nifty sustains below 5932 then ABC correction possibility of whole 2440 points will also be considered and fibonacci retracement levels between 3919-6339 will also be kept in mind.
Let market sustain below 5932 then above posibilities of deeper corrections will be under consideration.
Mid-Session Outlook-5(16-11-2010)
last 4 hours narrow movewithin 5975-6010.Positions are mixed and will be better to get confirmations from break out from the range. View is bearish but mixed trading positions are suggesting to get confirmations from break out of mentioned range.
Mid-Session Outlook-4(16-11-2010)
As intraday charts showed selling near 6000 therefore breaking down of 5932 is higher now.
Mid-Session Outlook-3(16-11-2010)
Nifty trading within strong support range 5932-6000. Nifty got 3 times support withn this range previously therefore should be watched for next move confirmations.Breaking down 5932 will mean intermediate trend turning down and market correction from minimum 3 weeks to 3 months.
Be cautious.Just watch 5932 and its breaking will mean deeper correction.
Be cautious.Just watch 5932 and its breaking will mean deeper correction.
Mid-Session Outlook-2(16-11-2010)
I told following lines within 2 hours today:-
"intraday charts are showining weakness therefore further down move expectations turns higher."
Nifty moved more than 100 points down within 40 minutes after my above posting at 11:08 am.
Market is weak.No bottom fishing and long positions only after consolidation confirmations.
"intraday charts are showining weakness therefore further down move expectations turns higher."
Nifty moved more than 100 points down within 40 minutes after my above posting at 11:08 am.
Market is weak.No bottom fishing and long positions only after consolidation confirmations.
Mid-Session Outlook(16-11-2010)
Although firstly positive zone trading was expected but weak US futures and Asian markets led Indian markets to trade in negative zone first. Today almost first 2 hours intraday charts are showining weakness therefore further down move expectations turns higher.
Post-Open Outlook(16-11-2010)
Dow's futures trading 50 points down.Weak opening and sustaining beyond 6100 will give next move confirmations.
Range Bound Market within 6100-6260
Pre-Open Market Outlook(16-10-2010)
I told in weekly on 14-10-2010:-"Only minor pull back rally possibility in the begining of week"
I told in Pre-Open Outlook(15-10-2010):- "minor pull back rally possibility can not be ruled out"
I told within 3 hours in Mid-session outlook(15-10-2010):-"minor pull back rally possibility emerged today"
Following 2 supports were told in this week weekly:-
1- 1st Support- 6033-6057(Last Gap)
2- 2nd Support- 5932-6000(Strong support range)
Nifty got support within gap at 6039 yesterday above last strong support range and this gap has strengthened last support range. Nifty got support 3 times within this range previously and got support above it yesterday therefore mentioned 2nd Support has become stronger.Now strong support range is 5932-6100.Good selling at higher levels therefore strong resistance range is 6260-6315
Indian market is trapped by strong supports and resistances and wil prepare for decisive moves within 6100-6260 in the minimum next couple of sessions. Markets always takes its own time for taking positions and let it prepare then next moves will be decided and also will be posted in the Mid-session outlooks as posted yesterday within first 3 hours before the begining of pull back rally.
As long and intermediate term trends are up therefore coming couple of sessions consolidations will mean rally arter completion of range bound correction(5937-6339). Selling will mean breaking down possibility of 5932 and it is only saviour otherwise deeper correction will be seen.
Opening will be decided by global sentiments but positive zone trading expected firstly and finally flat to positive closing also expected today.
I told in weekly on 14-10-2010:-"Only minor pull back rally possibility in the begining of week"
I told in Pre-Open Outlook(15-10-2010):- "minor pull back rally possibility can not be ruled out"
I told within 3 hours in Mid-session outlook(15-10-2010):-"minor pull back rally possibility emerged today"
Following 2 supports were told in this week weekly:-
1- 1st Support- 6033-6057(Last Gap)
2- 2nd Support- 5932-6000(Strong support range)
Nifty got support within gap at 6039 yesterday above last strong support range and this gap has strengthened last support range. Nifty got support 3 times within this range previously and got support above it yesterday therefore mentioned 2nd Support has become stronger.Now strong support range is 5932-6100.Good selling at higher levels therefore strong resistance range is 6260-6315
Indian market is trapped by strong supports and resistances and wil prepare for decisive moves within 6100-6260 in the minimum next couple of sessions. Markets always takes its own time for taking positions and let it prepare then next moves will be decided and also will be posted in the Mid-session outlooks as posted yesterday within first 3 hours before the begining of pull back rally.
As long and intermediate term trends are up therefore coming couple of sessions consolidations will mean rally arter completion of range bound correction(5937-6339). Selling will mean breaking down possibility of 5932 and it is only saviour otherwise deeper correction will be seen.
Opening will be decided by global sentiments but positive zone trading expected firstly and finally flat to positive closing also expected today.
Mid-Session Outlook-2(15-11-2010)
following support was mentioned in Weekly yesterday:-
1:- 1st Support- 6033-6057(Last Gap)
Nifty got support within this range at 6039 today. Today intraday patterns are showing consolidations and I told for it at 11:56 am today. Indian markets consolidated whole day today and recovered from intraday lows despite weak European markets and US futures. As consolidations today therefore repeating morning told line:-
"minor pull back rally possibility emerged today"
1:- 1st Support- 6033-6057(Last Gap)
Nifty got support within this range at 6039 today. Today intraday patterns are showing consolidations and I told for it at 11:56 am today. Indian markets consolidated whole day today and recovered from intraday lows despite weak European markets and US futures. As consolidations today therefore repeating morning told line:-
"minor pull back rally possibility emerged today"
Mid-Session Outlook(15-11-2010)
Intraday patterns of today are suggesting consolidations therefore minor pull back rally possibility emerged today.
Pre-Open Market Outlook(15-11-2010)
US markets were down last Friday but Asian markets are flat today morning therefore sentiment is quiet. As last 2 sessions trading pattern is fountain and it is fountain consolidation formation therefore minor pull back rally possibility can not be ruled out. If Nifty sustains above 6100 today then minor pull back rally will be considered. Today first session intraday charts and sustaining above or below 6100 will decide pull back rally or continuation of ongoing last week down trend.
Market not prepared for any side move and will first prepare for next moves in first session today. Sustaining beyond 6100 should be used for next above mentioned moves confirmations.
Market not prepared for any side move and will first prepare for next moves in first session today. Sustaining beyond 6100 should be used for next above mentioned moves confirmations.
High Possibility of Intermediate Trend Turning Down & Only Saviour is 5932
Weekly Analysis- 15-11-2010 to 19-11-2010
Long term and Intermediate term trends are up.Short term trend is down.Wave 3 could not complete its minimum target of 5359 and slipped from 6339 after good selling at higher levels therefore correction of upmove from 5349 will be considered. If Wave-3 minimum target of 6359 would have achieved then ABC correction of whole Wave 3 have been considered which started on 13-07-2009 from 3919. At present correction of upmove between 5349- 6339 will be considered.
Previous week candle is "Engulfing Bearish". It is moderate reliable reversal pattern. Follow up weekly bearish candle will mean sharp down moves. It is showing strong possibility of correctiocion.
Daily and intraday charts of Indices and many pivotal stocks are showing good selling at higher levels. Indian markets slipped sharply in last week. Technical positions are as follows:-
1- Strong resistance range is:-6260-6315
2- Rising trendline of on going uptrend has not broken yet
3- Last 2 sessions Nifty intraday pattern is Fountain and it is consoldation formation.
4- 1st Support- 6033-6057(Last Gap)
5- 2nd Support- 5932-6000(Strong support range)
6- Last support range 5932-6000 is strong support range and Nifty got support 3 times within this range previously.
1- Daily chart
Daily Indicators and Averages Analysis
1-Averages- All the lower period EMA(8,21,55,200) are above higher period EMA and showing strength in trend. Nifty moved below 8 EMA and above all averages.
2-Bollinger Band- Nifty is in the middle of both Bands and moved below average line therefore showing weakness.
3-MACD- Both lines are in positive zone and has shown negative divergence. MACD intersected Average line downward last Friday therefore it is giving down move confirmation. Correction has started and downward intersection after negative divergence has given more down moves signals.
4-ROC- At equilibrium line and moving down after showing negative divergence in positive zone therefore indicating more downmoves possibilities.
5-RSI- Below equilibrium line and moving down after showing negative divergence in positive zone therefore indicating more downmoves possibilities.
6-Slow Stochastic- Both lines are below equilibrium line and near oversold line. As it is very short term indicator therefore moved near oversold line after last week selling and indicating very short term upmove possibility.
7-William %R- Below equilibrium line and above oversold line. As it is very short term indicator therefore moved below equilibrium line after last week selling and indicating very short term upmove possibility after after litle more down move.
2- Daily Indicators and Averages chart-
Conclusions
Firstly 2 following possibilities will be considered after follow up moves on Monday:-
1- Correction started after good higher levels selling and last 2 sessions intraday patterns are indicating consolidation formations therefore if follow up selling does not develop immediately then minor pull back rally possibility can not be ruled out in the begining of next week.
2- Last support range is 5932-6000 and if follow up selling develop on next Monday then breaking down possibility of 5932 will be high. Intermediate term trend will be down below 5932 and that will mean down moves from 3 weeks to 3 months.
Only minor pull back rally expected which will not be able to move above 6250 amid whatsoever bullish sentiment/news. As good selling at higher levels therefore complete consolidation requires for next rally.
MACD has given down move confirmation,Negative divergence in MACD,ROC,RSI are confirming weakness and higher levels intraday selling in Indices and most pivotal stocks therefore more downward as well as retesting 5932 possibility is high in the coming week.
Only minor pull back rally possibility in the begining of week otherewise finally testing 5932 and breaking down of 5932 as well as intermediate term trend turning downward possibility is high in the coming week.
Long term and Intermediate term trends are up.Short term trend is down.Wave 3 could not complete its minimum target of 5359 and slipped from 6339 after good selling at higher levels therefore correction of upmove from 5349 will be considered. If Wave-3 minimum target of 6359 would have achieved then ABC correction of whole Wave 3 have been considered which started on 13-07-2009 from 3919. At present correction of upmove between 5349- 6339 will be considered.
Previous week candle is "Engulfing Bearish". It is moderate reliable reversal pattern. Follow up weekly bearish candle will mean sharp down moves. It is showing strong possibility of correctiocion.
Daily and intraday charts of Indices and many pivotal stocks are showing good selling at higher levels. Indian markets slipped sharply in last week. Technical positions are as follows:-
1- Strong resistance range is:-6260-6315
2- Rising trendline of on going uptrend has not broken yet
3- Last 2 sessions Nifty intraday pattern is Fountain and it is consoldation formation.
4- 1st Support- 6033-6057(Last Gap)
5- 2nd Support- 5932-6000(Strong support range)
6- Last support range 5932-6000 is strong support range and Nifty got support 3 times within this range previously.
1- Daily chart
Daily Indicators and Averages Analysis
1-Averages- All the lower period EMA(8,21,55,200) are above higher period EMA and showing strength in trend. Nifty moved below 8 EMA and above all averages.
2-Bollinger Band- Nifty is in the middle of both Bands and moved below average line therefore showing weakness.
3-MACD- Both lines are in positive zone and has shown negative divergence. MACD intersected Average line downward last Friday therefore it is giving down move confirmation. Correction has started and downward intersection after negative divergence has given more down moves signals.
4-ROC- At equilibrium line and moving down after showing negative divergence in positive zone therefore indicating more downmoves possibilities.
5-RSI- Below equilibrium line and moving down after showing negative divergence in positive zone therefore indicating more downmoves possibilities.
6-Slow Stochastic- Both lines are below equilibrium line and near oversold line. As it is very short term indicator therefore moved near oversold line after last week selling and indicating very short term upmove possibility.
7-William %R- Below equilibrium line and above oversold line. As it is very short term indicator therefore moved below equilibrium line after last week selling and indicating very short term upmove possibility after after litle more down move.
2- Daily Indicators and Averages chart-
Conclusions
Firstly 2 following possibilities will be considered after follow up moves on Monday:-
1- Correction started after good higher levels selling and last 2 sessions intraday patterns are indicating consolidation formations therefore if follow up selling does not develop immediately then minor pull back rally possibility can not be ruled out in the begining of next week.
2- Last support range is 5932-6000 and if follow up selling develop on next Monday then breaking down possibility of 5932 will be high. Intermediate term trend will be down below 5932 and that will mean down moves from 3 weeks to 3 months.
Only minor pull back rally expected which will not be able to move above 6250 amid whatsoever bullish sentiment/news. As good selling at higher levels therefore complete consolidation requires for next rally.
MACD has given down move confirmation,Negative divergence in MACD,ROC,RSI are confirming weakness and higher levels intraday selling in Indices and most pivotal stocks therefore more downward as well as retesting 5932 possibility is high in the coming week.
Only minor pull back rally possibility in the begining of week otherewise finally testing 5932 and breaking down of 5932 as well as intermediate term trend turning downward possibility is high in the coming week.
Mid-Session Outlook(12-11-2010)
It was clearly told on 09-11-2010 and today for following supports that:-
"Support but not strong"
1- 6240-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
All 3 supports broken in 4 days and Nifty made 6088.05 today. It has been confirmed that previous week rally was only on the back of following bullish news:-
1- Obama visit
2- Strong global markets
3- Coal Indian listing
As market could not sustained at higher levels and slipped sharply therefore 6100 will be watched and its breaking down will mean testing possibility of 5932.
Market is weak. No bottom fishing and long positions only after consolidation confirmations.
"Support but not strong"
1- 6240-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
All 3 supports broken in 4 days and Nifty made 6088.05 today. It has been confirmed that previous week rally was only on the back of following bullish news:-
1- Obama visit
2- Strong global markets
3- Coal Indian listing
As market could not sustained at higher levels and slipped sharply therefore 6100 will be watched and its breaking down will mean testing possibility of 5932.
Market is weak. No bottom fishing and long positions only after consolidation confirmations.
Pre-Open Market Outlook(12-11-2010)
I told in Muhurat Trading Outlook:-"Forceful break out and sustaining above 6350 is must for strong rally above new high"
It was told in Pre-Open Market Outlook(09-11-2010):-
2- Sentiment extremely bullish threrefore previous top(6357) break out should be with force.
3- Sentiment heated therefore intraday or very short term 1/2% corrections can be seen any day and it may be a part of consolidation also
4- until complete selling patterns will not develop till then even short term correction will not be considered.
It was told in Pre-Open Market Outlook(11-11-2010):-
Last 3 days trading range is 6245-6310 and intraday charts are suggesting selling at the top of range within 6275-6310 and testing of lower levels of range(6245-6265) is expected. Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts. Next supports are as follows:-
1- 6245-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
6350 was not broken by force therefore correction was seen yesterday
6245 broken by force yesterday and next support ranges have been given and their strength has also been mentioned as well as their testing possibility can not be ruled out. Short term correction is confirmed now and market requires complete consolidations for fresh upmoves. Above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Nifty moved down with Fountain pattern yesterday and it is consolidation pattern but confirmation required. If consolidatiom will be visible today then correction completion will be considered otherwise continuation of down moves to test above mentioned levels will be seen.
2nd support range 6150-6170 testing is expected today and next moves will be decided and posted according to intraday trading patterns.
It was told in Pre-Open Market Outlook(09-11-2010):-
2- Sentiment extremely bullish threrefore previous top(6357) break out should be with force.
3- Sentiment heated therefore intraday or very short term 1/2% corrections can be seen any day and it may be a part of consolidation also
4- until complete selling patterns will not develop till then even short term correction will not be considered.
It was told in Pre-Open Market Outlook(11-11-2010):-
Last 3 days trading range is 6245-6310 and intraday charts are suggesting selling at the top of range within 6275-6310 and testing of lower levels of range(6245-6265) is expected. Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts. Next supports are as follows:-
1- 6245-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
6350 was not broken by force therefore correction was seen yesterday
6245 broken by force yesterday and next support ranges have been given and their strength has also been mentioned as well as their testing possibility can not be ruled out. Short term correction is confirmed now and market requires complete consolidations for fresh upmoves. Above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Nifty moved down with Fountain pattern yesterday and it is consolidation pattern but confirmation required. If consolidatiom will be visible today then correction completion will be considered otherwise continuation of down moves to test above mentioned levels will be seen.
2nd support range 6150-6170 testing is expected today and next moves will be decided and posted according to intraday trading patterns.
Mid-Session Outlook-2(11-11-2010)
6245 Broken and testing of supports mentioned in Pre-Open Outlook is possible.
Mid-Session Outlook(11-11-2010)
I told in Pre-Open Outlook that:-
"Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts"
6245 broken and Nifty recovered after forming the bottom at 6237. Although good selling in last 3 days but today intraday patterns are not showing genuine selling formations despite down move according to expectations. It has to be kept in mond that all trends are bullish and market is prepare only for very short term correction which may be completed after some consolidations and today intraday patterns are indicating consolidations patterns also.
Sustaining beyond 6245 will be considered for next immediate move confirmations. As and when I shall get confirmations then will convey accordingly.
"Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts"
6245 broken and Nifty recovered after forming the bottom at 6237. Although good selling in last 3 days but today intraday patterns are not showing genuine selling formations despite down move according to expectations. It has to be kept in mond that all trends are bullish and market is prepare only for very short term correction which may be completed after some consolidations and today intraday patterns are indicating consolidations patterns also.
Sustaining beyond 6245 will be considered for next immediate move confirmations. As and when I shall get confirmations then will convey accordingly.
NIFTY-NOV F&O-1ST SHORTING TRADE OF 10-11-2010-COVERING
NIFTY NOV F & O(SHORTED ON 10-11-2010)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-6289(WE SHALL SHORT AGAIN BUT FIRST COVER)
Short Term Correction will Commence
Pre-Open Market Outlook(11-11-2010)
Last 3 days trading range is 6245-6310 and intraday charts are suggesting selling at the top of range within 6275-6310 and testing of lower levels of range(6245-6265) is expected. Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts. Next supports are a sfollows:-
1- 6245-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
All trends are up and only it was to be decided that new top formations will be after short term correction of before any further correction. As last 3 sessions got selling confirmations therefore firstly correction then consolidation and after that new top formation will be seen and above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Correction commencement expected from today and Red closing will be seen after weak opening today.
Last 3 days trading range is 6245-6310 and intraday charts are suggesting selling at the top of range within 6275-6310 and testing of lower levels of range(6245-6265) is expected. Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts. Next supports are a sfollows:-
1- 6245-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
All trends are up and only it was to be decided that new top formations will be after short term correction of before any further correction. As last 3 sessions got selling confirmations therefore firstly correction then consolidation and after that new top formation will be seen and above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Correction commencement expected from today and Red closing will be seen after weak opening today.
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