I CLEARLY TOLD FOR THE BEGINING OF DOWN MOVE IN ALL THE GLOBAL MARKETS YESTERDAY AND ALL THE GLOBAL MARKETS CLOSED IN RED YESTERDAY BUT IT HAS BEEN OBSERVED FROM US MARKETS THAT THEY ARE RANGE BOUND FOR THE LAST THREE TRADING SESSIONS.ALTHOUGH INTRADAY PATTERNS ARE SHOWING SELLING FORMATIONS BUT A LITTLE CAUTION IS THERE THAT DOW JONES IS MOVING BETWEEN 8000-8100 FOR THE LAST THREE SESSIONS AND BREAK OUT OF THIS RANGE WILL GIVE DIRECTION TO US MARKETS AS WELL AS ALL THE GLOBAL MARKETS.IT IS EXPECTED THAT US MARKETS WILL BREAK OUT AFTER FOMC MEET RESULT TODAY AND BREAK OUT SIDE WILL GIVE DIRECTION TO ALL THE GLOBAL MARKETS FROM TOMORROW.
NIFTY CLOSED YESTERDAY BELOW 200 DMA(3382) BUT CONFIRMATION REQUIRES HERE THAT NIFTY IS SUSTAINING BELOW IT OR NOT BECAUSE THAT WILL GIVE A DEFINITE DIRECTION TO INDIAN MARKETS.IT IS LAST DAY OF APRIL SERIES TODAY AND IT IS VERY MUCH EXPECTED THAT NIFTY WILL NOT CLOSE BELOW 3320 TODAY AND WILL TRADE FIRST NEAR 3400 AFTER POSITIVE OPENING TODAY.IT IS A DAY OF PREPERATION FOR NEXT MOVE AND INDIAN MARKETS WILL PREPARE FOR NEXT MOVE NEAR 3400 LEVEL AND FINAL RESULTS WILL BE ON MONDAY BECAUSE INDIAN MARKETS WILL REACT TO FOMC RESULT AND TODAY INTRADAY TRADING PATTERNS ON MONDAY.
AS ASIAN MARKETS ARE IN GOOD GREEN THEREFORE INDIAN MARKETS WILL OPEN POSITIVE TODAY AND WILL PREPARE FOR NEXT WEEK.TODAY INTRADAY TRADING PATTERNS WILL DECIDE THAT INDIAN MARKETS WILL SUSTAIN ABOVE OR BELOW 200 DMA.TODAY CLOSING WILL BE DECIDED AFTER ANALYSING INTRADAY CHARTS AND WILL BE POSTED ACCORDINGLY IN MID SESSION OUTLOOKS.
(LALIT KUMAR DHINGRA)
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