Nifty had seen a huge correction for almost 19 days.
If you compare the previous correction happened in Feb from 7th to march 3rd, this time the correction happened little faster. Earlier correction was happened in 18 days and this correction from 4th June to till now happened in 8 days. However the RSI shows below 30 during this period both the times, this time correction seems to be little faster. Is it due to Panic situation on equity markets ?
If we consder Ichimoku resistance levels, it may trade up to maximum of 5900 levels. The way ichimoku indicators are aligned, the strength is strong down side. Nifty may see a small upmove to fill the Gap created today and again may go down below from Resistance at 5900 levels. It looks nifty may visit the trend line at 6028 to 6030 levels before taking an up move. If nifty have to be into trading range, Nifty may trade in the range of 6030 to 5792.