Just have look at the todays intraday chart of nifty its almost identical to yesterdays one but little change ending session.
At the todays early bottom of 5807 nifty has given a positive Divergence signal with RSI and that why we given buy call @ 5818 level, which done exact movement till 5870 level..where RSI went into overbought zone and nifty faced trend-line resistance, and from there it took reverse turn and made new low of 5800 and RSI also touched the oversold zone again.
Nifty Daily view for 19-06-2013
What if open GAP UP – if nifty able to open gap up tomorrow and able to sustain its gains for 1st hour then we can again see movement till 5845-5875 and after that more movements also possible depending on intraday signal development. but after GAP up also if nifty not able to sustain its again in 1st hour of trading session then we can see downside support levels at 5790-5770-5740 levels. so according to 1st hour of trading nifty will be deciding its further moves.
What if open GAP down – As we see RSI suggesting that nifty close today by touching the oversold zone in RSI, so if it open GAP down tomorrow and if it sustain its low for 1st hour of trading then we can see sharp bounce back in next trading session, but if it not able to to give proper bounce after a gap down then we can see some sluggishness and consolidation in which nifty may try to trade in 15-20 points range for 2 hours. and next move will be decide after that.
According to above study we can see nifty daily range in between 5770 and 5870 levels. beyond this level possibilities of breakout and trend reversal, means below 5770 nifty my turn negative and will try to do some fast moves, and above 5870 nifty will try for upside breakout and can try to kiss 5910-5940 levels.