Few observations on this upmove -
1. This upmove is stronger than last upmove till 6440 and also stronger than peoples expectation. Buyers have strongly supported every major low ( 6160, 6230, 6277), last major swing low is now 6300.
2. Move from these major swing lows have been quite strong, clear and measuring about 70 points.
3. Today after 12:15 test of 6300 upmove was weak compared to how it has been moving so weakness has definitely come in. This weakness can be overcome if tomorrow morning we have a gap up and go, next level is 6380-6400.
4. Even failed break of 6300 should be trading opportunity for longs but in that case i am expecting a consolidation.
5. Breaking and sustaining below 6300 would mean break of current pattern and next level would be 6277, 6230. Banks are weakest so they may lead the fall in this case.
1. This upmove is stronger than last upmove till 6440 and also stronger than peoples expectation. Buyers have strongly supported every major low ( 6160, 6230, 6277), last major swing low is now 6300.
2. Move from these major swing lows have been quite strong, clear and measuring about 70 points.
3. Today after 12:15 test of 6300 upmove was weak compared to how it has been moving so weakness has definitely come in. This weakness can be overcome if tomorrow morning we have a gap up and go, next level is 6380-6400.
4. Even failed break of 6300 should be trading opportunity for longs but in that case i am expecting a consolidation.
5. Breaking and sustaining below 6300 would mean break of current pattern and next level would be 6277, 6230. Banks are weakest so they may lead the fall in this case.