MARCH RALLY IS 21 (FIBONACCI NUMBER) DAYS OLD AND DOJI FORMATION ON 09-04-2009 WITH GOOD SELLING THEREFORE CORRECTION POSSIBILITIES FROM THIS POINT ARE HIGH.IT IS VERY MUCH EXPECTED THAT CORRECTION WILL START WITHIN NEXT COUPLE OF SESSIONS.TODAY LONG RED CANDLE WILL CONFIRM EVENING STAR FORMATION AS WELL AS BEGINING OF MARCH 2009 RALLY CORRECTION.AS IT IS THE CHARACTER OF PULL BACK RALLY THAT IT EITHER TEST 200 DMA(3437) OR 200 EMA(3395) AND THIS REQUIREMENT HAS BEEN FULFILLED ON 09-04-2009 WHEN NIFTY TESTED 200 EMA WHICH WAS AT 3395 AND NIFTY MADE THE HIGH OF 3401.
MARCH RALLY HAD BEEN STRONG AND AT THIS STAGE A SHORT TERM CORRECTION IS POSSIBLE WHICH WILL BE SEEN WITHIN NEXT COUPLE OF SESSIONS.US MARKETS WERE STRONG LAST THURSDAY THEREFORE ASIAN MARKETS WILL ALSO BE STRONG TODAY AND IN REACTION INDIAN MARKETS WILL ALSO OPEN POSITIVE AND UP MOVE FROM HERE WILL BE POSSIBLE IF NIFTY WILL SUSTAIN ABOVE 3380.AS PER MY VIEW CORRECTION IS DUE NOW AND IT WILL MOVE DOWN FIRST.
AFTER POSITIVE OPENING SHORT TERM DOWN MOVE AND RED CLOSING WILL START EITHER FROM TODAY OR NEXT TRADING DAY.
(LALIT KUMAR DHINGRA)
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