IT IS THE CHARACTER OF PULL BACK RALLIES THAT THEY TESTS 200 DMA AND IT HAD BEEN YESTERDAY. INDICES CROSSED BY FORCE 200 DMA YESTERDAY AND NOW ONLY QUESTION TO BULL RUN IS LEFT THAT INDIAN MARKET SUSTAINS ABOVE 200 DMA OR NOT. AS IT HAS BEEN OBSERVED MANY TIMES THAT BEAR MARKET RALLIES REVERSED BACK AFTER TESTING 200 DMA THEREFORE THIS LAST CONFIRMATION IS MUST FOR ASCERTAING BEGINING OF BULL MARKETS THAT INDIAN MARKETS ARE SUSTAINING ABOVE 200 DMA OR NOT.
IT WAS SEEN FIRST TIME THAT AFTER DISCOURAGING PEFFORMANCE BY INFOSYS TECH. INDIAN MARKETS MOVED UP FAST. AS SENTIMENT DAMPENS AFTER INFOSYS RESULTS THEREFORE YESTERDAY RALLY WAS SHORT COVERING RALLY OR GENUINE UP MOVE. THIS WILL BE CLEAR AFTER CONFIRMATION OF SUSTAINABILITY ABOVE 200 DMA. I WOULD LIKE TO ADD IT SPECIALLY THAT AFTER YESTERDAY SHARP RALLY SUFFICIENT INTRADAY SELLING AND SELLING PATTERNS ON DAILY CHARTS ARE MUST FOR REVERSAL OR CORRECTION OF MARCH 2009 PULL BACK RALLY.
SENTIMENT IS HEATED TODAY AFTER YESTERDAY INDIAN MARKETS BULLISH UP MOVES AND GLOBAL MARKETS SHARP RALLY TODAY THEREFORE VOLTALITY AND PROFIT BOOKING IS EXPECTED TODAY. IF PFOFIT BOOKING COMES ON EXPECTED LINES THEN INDIAN MARKETS WILL CLOSE IN RED AFTER POSITIVE OPENING TODAY.
(LALIT KUMAR DHINGRA)
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