Nifty Watch:- The Nifty opened at 5484. The Index made a low at 5458 with a 30 point decline, and then moved up to its day high at 5508 and finally closed at 5493 with a gain of 9 points to its open. Today market consolidates between trading ranges of 50 points. It may lead to a big up move tomorrow. Nifty made a narrow range today which shows us that a big move will come soon, maybe tomorrow. This could be up or down.
Trend:- The short term trend is up. Today’s market is in a process of consolidation. The Intermediate trend remains down, with the Nifty trading below its 200 days and 50 days moving average. TA Insync(55-5) has now crossed above the level of -45 and is moving up. This shows us that the up move which started may continue.
Level:- Looking for minor support at 5450 and major support at 5380. Minor resistance comes at 5500 and major comes at 5550. Nifty made a Narrow range today. This could signal a big move tomorrow.
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