INDIAN MARKETS ARE RANGE BOUND FOR THE LAST 5 MONTHS AND AT PRESENT AT THE HIGHER LEVEL OF 5 MONTHS RANGE.SENTIMENT IS BULLISH,UP MOVE EXPECTATIONS HAVE BEEN MOUNTED UP AND ECONOMIC INDICATORS ARE SHOWING RECOVERY.ALL THINGS ARE POSITIVE BUT UPMOVE CONFIRMATION WILL COME WHEN NIFTY WILL SUSTAIN ABOVE 3140.
NIFTY IS RESTING AT THE TOP OF DECENDING CHANNEL BUT SHORT TERM INDICATORS HAVE REACHED IN OVERBOUGHT ZONE AND NIFTY HAS TOUCHED UPPER LEVEL OF BOLLINGER BAND THEREFORE CORRECTION EITHER IN SHAPE OF NARROW RANGE MOVE OR DOWN MOVE IS DUE NOW.
NIFTY CLOSED AT HIGHER LEVEL OF THE DAY ON 27TH MARCH BUT INTRADAY PATTERNS OF NIFTY AND MANY INDEX CONSTITUANT'S CHARTS ARE ALSO SHOWING SELLING PATTERNS THEREFORE SOME MORE PROFIT BOOKING,FRESH SELLING AND CORRECTION OF PULL BACK RALLY IS POSSIBLE WHICH WILL BE SEEN IN THE COMING SESSIONS.
THIS GLOBAL RALLY WAS US MARKETS WICH CLOSED IN RED ON FRIDAY AND US INTRADAY CHARTS ARE SHOWING GENUINE SELLING FORMATIONS.FRIDAY INTRADAY CHARTS OF ASIAN AND EUROPEAN MARKETS ARE ALSO SHOWING SELLING FORMATIONS THEREFORE ALMOST ALL THE ASIAN AND EUROPEAN MARKETS ARE ALSO EXPECTED TO OPEN AND CLOSE IN RED TODAY.
INDIAN MARKETS ARE ALSO EXPECTED TO OPEN AND CLOSE IN RED TODAY.
(LALIT KUMAR DHINGRA)
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