INDIAN MARKETS COMPLETELY PARTICIPATED GLOBAL RALLY AND CROSSED 5 MONTHS TRADING RANGE LAST FRIDAY.AS NIFTY TRADED WHOLE DAY ABOVE 3152 THEREFORE IT WILL MEAN THAN THAT 5 MONTHS RANGE HAS BEEN BROKEN OUT AND INDIAN MARKETS ARE READY TO CORRECT 2008 CRASH
CONCLUSIONS:-
1- INDIAN MARKETS COMPLETED 5 WAVES.
2- 5 MONTHS TRADING RANGE FORMED STRONG BASE.
3- ALL THE INDICATORS HAVE MOVED INTO POSITIVE ZONE.
4- NIFTY CLOSED ABOVE 38.2% RETRACEMENT LEVEL OF LAST WAVE.
5- 200 DMA AND 50% RETRACEMENT LEVEL LINES ARE KISSING AR 3455.
6- NIFTY CROSSED FIRST TIME 100 DMA SINCE THE BEGINING OF 2008 DOWN MOVE.
AS NIFTY HAS BROKEN OUT AND UPMOVE IS VERY MUCH ON THEREFORE TESTING OF 200 DMA IS EXPECTED.AS SHORT TERM IS OVERBOUGHT THEREFORE SENTIMENT IS HEATED AND SOME PROFIT BOOKING IN THE FORM OF SHORT TERM CORRECTION IS DUE. SELLING FORMATIONS ARE ALSO REQUIRED IN INTRADAY AND DAILY CHARTS FOR ANY CORRECTION AFTER SUCH STRONG UP MOVES THEREFORE DOWN MOVE CONCLUSIONS SHOULD BE DRAWN AFTER COMPLETE SELLING PATTERNS IN INTRADAY AND DAILY CHARTS.
AFTER GREEN OPENING IF PROFIT BOOKING DOES NOT COME THEN GREEN CLOSING IS EXPECTED TODAY.
(LALIT KUMAR DHINGRA)
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