Nifty traded more than 5 hours above 5583 yesterday and today also more than 2 hours trading above it therefore Sideways market has been extended into 40 sesion within 5549-5815. Supports and resistances between 40 sessions range are as follows:-
1- Supports between 5581-5602.
2- Supports between 5549-5566.
3- Resistances between 5620-5650.
4- Resistances between 5672-5705.
5- Multiple Resistances between 5700-5720/5733/5777/5815
As previous 3 sessions consolidation therefore positive moves were expected and were seen also today but trading is between immediate next resistance range(5620-5650) and market slipped from intraday higher levels. As today intraday charts are showing consolidation indication therefore today down moves may be a part of intraday consolidation within resistance range and up moves continuation hopes are alive but break out of mentioned resistance range(5620-5650) should be firstly watched to understand strength of ongoing short term up move.
1- Supports between 5581-5602.
2- Supports between 5549-5566.
3- Resistances between 5620-5650.
4- Resistances between 5672-5705.
5- Multiple Resistances between 5700-5720/5733/5777/5815
As previous 3 sessions consolidation therefore positive moves were expected and were seen also today but trading is between immediate next resistance range(5620-5650) and market slipped from intraday higher levels. As today intraday charts are showing consolidation indication therefore today down moves may be a part of intraday consolidation within resistance range and up moves continuation hopes are alive but break out of mentioned resistance range(5620-5650) should be firstly watched to understand strength of ongoing short term up move.