SHORT TERM AND INTERMEDIATE TERM TRENDS ARE UP AND LONG TERM IS DOWN
1- INDIAN MARKETS ARE TRADING AT THE HEIGHTEST LEVEL OF LAST 5 MONTHS RANGE AFTER CROSSING ALL THE RESISTANCES EXCEPT ONLY ONE LAST RESISTANCE AT 3152.
2- IN THIS UP MOVE NIFTY HAS CROSSED 100 DMA WITH FORCE AND SUSTAING ABOVE IT FOR THE LAST 3 DAYS.SINCE JAN 2008 IT IS FIRST TIME THAT NIFTY SUSTAINED ABOVE 100 DMA.CERTAINLY IT IS VERY MUCH POSITIVE SIGNAL FOR INDIAN STOCK MARKETS.
3- 38.2% RETRACEMENT LEVEL IS JUST BELOW 3200 AS WELL AS LAST RESISTANCE IS ALSO NEAR 3200 THEREFORE IN THIS BULLISHNESS IF NIFTY BREAK OUT 5 MONTHS RANGE AND SUSTAIN ABOVE 3200 THEN VERY GOOD UPMOVE WILL GE SEEN IN COMING SESSIONS AND 200 DMA WILL ALSO BE TESTED.INDIAN MARKETS SUSTAINING ABOVE 200 DMA WILL MEAN LONG TERM IS ALSO UP.
4- SHORT TERM INDICATORS ARE TESTING OVERBOUGHT ZONE THEREFORE A VERY SHORT TERM CORRECTION IS DUE NOW EITHER IN THE SHAPE NARROW RANGE MOVEMENTS OR LITTLE DOWN MOVE.
YESTERDAY NIFTY MOVE WAS ABSOLUTELY STRONG MOVE AND MANY INTRADAY CHARTS ARE SHOWING BUYING PATTERNS THREFORE INDIAN MARKETS ARE NOT GOING TO MOVE DOWN EASILY BECAUSE COMPLETE SELLING FORMATION WITH GOOD VOLUMES REQUIRE FOR AND DOWN MOVE.
AFTER STRONG GLOBAL CUES INDIAN MARKETS WILL OPEN GAP UP TODAY.AS SENTIMENT IS EXTREMELY HEATED TODAY THEREFORE SOME PROFIT BOOKING,VOLTALITY AND GREEN CLOSING IS EXPECTED TODAY.
(LALIT KUMAR DHINGRA)
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