the prev range roughly 5730-5950 was broken and a short to medium downtrend brought the nifty upto 5450 lvls(refer the earlier post on nifty for strategy).
in short term the nifty is consolidating sideways between 5450 and 5750 and in near term sideways between 5450 and 5670 roughly. therefore it is imp that nifty stays above 5450 for any chances to move upto resis lvls and beyond in short term.
immediate tgts to near term upmove is 5620 and 5670 but only if it stays above in intraday or closes above 5593 spot.
in intraday the imp resis to upside reversal 5580 is already broken above so as long as 5500 is respected as support the bias is still up(the upward movement will be there for today if it stays above 5560-65 in morning or above 5520-25 at the close).
in short term the nifty is consolidating sideways between 5450 and 5750 and in near term sideways between 5450 and 5670 roughly. therefore it is imp that nifty stays above 5450 for any chances to move upto resis lvls and beyond in short term.
immediate tgts to near term upmove is 5620 and 5670 but only if it stays above in intraday or closes above 5593 spot.
in intraday the imp resis to upside reversal 5580 is already broken above so as long as 5500 is respected as support the bias is still up(the upward movement will be there for today if it stays above 5560-65 in morning or above 5520-25 at the close).
