INDIAN MARKETS HAVE BEEN RANGE BOUND JUST BELOW FIRST RESISTANCE OF 2840-2860 BETWEEN 2770-2835 AND IF THIS RANGE IS BROKEN DOWN IN COMING SESSIONS THEN DOWN MOVE WILL START TO TEST SUPPORTS.AS THIS RALLY IN INDIAN MARKET IS LED BY GLOBAL MARKETS RALLY THEREFORE GLOBAL MARKETS MOVES SHOULD ALSO BE KEPT IN MIND FOR DECIDING INDIAN MARKETS.US MARKETS CLOSED YESTARDAY IN RED AND INTRADAY CHARTS OF US INDICES ARE SHOWING SELLING PATTERNS,IF FURTHER DOWN MOVE STARTS IN US MARKETS THEN DOWN MOVES WILL ALSO BE SEEN IN INDIAN MARKETS BECAUSE LAST TWO DAYS INTRADAY CHARTS OF MANY INDIAN STOCKS AND INDICES ARE SHOWING SELLING PATTERNS.
AS MANY GLOBAL MARKETS INTRADAY CHARTS HAVE STARTED TO SHOW SELLING PATTERNS THEREFORE DOWN MOVE IS EXPECTED IN THE FORM OF CORRECTION IN LAST 7 DAYS GLOBAL MARKETS PULL BACK RALLY.EUROPEAN MARKETS ARE ALSO EXPECTED TO OPEN IN RED AFTER YESTERDAY SELLING PATTERNS.AFTER WEAKER GLOBAL CUES INDIAN MARKETS WILL TRADE FIRST BETWEEN LAST TWO DAYS RANGE AFTER WEAK OPENING.IT WILL BE BETTER TO WAIT FOR BREAK OUT OF MENTIONED TRADING RANGE(2770-2835) BECAUSE WHICH SIDE NIFTY WILL SUSTAIN AFTER BREAK OUT ON THAT SIDE STRONG MOVE IS CONFIRM.IT IS EXPECTED THAT THIS RANGE WILL BE BROKEN DOWNWARD IN THE COMING SESSIONS IN THE COMING SESSIONS AND INDIAN MARKETS WILL CLOSE IN RED TODAY.
(LALIT KUMAR DHINGRA)
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