NIFTY DAILY CHART SHOWING 'INVERTED HAMMER' FORMATION YESTERDAY AND INDIAN MARKTS COULD NOT SUSTAIN AT HIGHER LEVELS AS WELL AS MOVED DOWN WITH GOOD VOLUME YESTERDAY THEREFORE IT HAS GIVEN CLEAR SIGNAL THAT BULLS HAVE LOST CONTROL AND LAST 10 DAYS PULL BACK RALLY CORRECTION HAS BEEN STARTED.ALTHOUGH IT HAPPENED DURING TRADING HOURS YESTERDAY BUT I CLEARLY TOLD ABOUT ITS POSSIBILITY IN:-
1- PRE OPEN OUTLOOK:- "AS SENTIMENT IS HEATED TODAY THEREFORE THIS FACT MUST BE KEPT IN MIND THAT PROFIT BOOKING ALWAYS COMES IN HEATED SENTIMENTS "
2- MID-SESSION OUTLOOK AT 12:43 PM:- "ALTHOUGH MARKET IS TRADING WITH GOOD GAINS AT THIS MOMENT BUT GIVING PROFIT BOOKING SIGNALS"
AS CORRECTION HAS BEEN STARTED THEREFORE INDIAN MARKETS WILL RETRACE IN THE COMING SESSIONS MINIMUM 38.2% (2825) OF PULL BACK RALLY.NIFTY CLOSED AT LOWEST LEVEL OF THE DAY YESTERDAY AND GLOBAL MARKETS ARE ARE ALSO SHOWING SOME WEAKNESS THEREFORE SENTIMENT IS DAMPENED AND INDIAN MARKETS WILL OPEN FLAT AND MAY REMAIN VOLATILE.TESTING OF 2835 IS VERY MUCH POSSSIBLE IN COMING SESSIONS AND IF FURTHER SELLING DEVELOPS IN COMING SESSIONS THEN MORE DOWN MOVES WILL BE SEEN AND INDIAN MARKETS WILL REJOIN 5 MONTHS OLD RANGE BOUND MOVEMENTS.
AFTER FLAT OPENING SUSTAINING AT HIGHER LEVELS IS NOT EXPECTED SOME MORE DOWN MOVES ARE CONFIRM IN COMING COUPLE OF SESSIONS.
(LALIT KUMAR DHINGRA)
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