INDIAN MARKETS WERE HEATED YESTERDAY AND I WAS EXPECTING SOME CORRECTION THEREFORE I CLEAR TOLD YESTERDAY THAT:-
1- "AS SENTIMENT IS HEATED AFTER SMART RECOVERY YESTERDAY THEREFORE SOME INTRADAY CORRECTION AND VOLTALITY WILL BE SEEN TODAY "
2- "ALTHOUGH NIFTY WILL TAKE SOME TIME TO CROSS 3715 BUT NOW 3715 WILL CLEAR AND ON GOING RALLY WILL REMAIN CONTINUED."
YESTERDAY INTRADAY CHARTS ARE SHOWING GENUING SELLING AT HIGHER LEVELS THEREFORE IT IS CONFIRM THAT FOR CROSSING 3715 INDIAN MARKETS REQUIRE COMPLETE CONSOLIDATION.ON GOING MARCH 2009 RALLY IS GLOBAL MARKETS RALLY LED BY US AND I CLEARLY TOLD FOR US AND EUROPEAN MARKETS ON 12-05 2009 THAT:-
"IN EUROPEAN AND US MARKETS.US AND EUROPEAN MARKETS INTRADAY CHARTS ARE ALSO SHOWING GENUING SELLING THEREFORE MORE DOWN MOVES ARE EXPECTED IN BOTH MARKETS"
I TOLD ON 12-05 2009 AND ALMOST ALL THE US AND EUROPEAN MARKETS CLOSED MORE THAN 2% DOWN ON 13-05 2009 AND EXCEPT THIS US MARKETS BROKEN DOWN 7 DAYS RANGE WHICH IS BEARISH SIGN FOR US MARKETS AS WELL AS FOR GLOBAL MARKETS BECAUSE MARCH 2009 GLOBAL RALLY IS LED BY US.
IN INDIAN MARKETS ALL TRENDS ARE UP AND SUSTAINING ABOVE 200 DMA FOR THE LAST 12 SESSIONS.THEREFORE STRONG BUT AFTER GENUINE SELLING YESTERDAY MORE WEAKNESS IS CONFIRM.EXCEPT THIS INDIAN MARKETS HAVE TO REACT TODAY DEEP RED GLOBAL MARKETS AND POST ELECTION RESULTS STABLE GOVT. POSSIBILITIES ALSO THEREFORE COMING 2 SESSIONS WILL BE HIGHLY VOLATILE. I AM EXPECTING STABLE GOVT AFTER SOME POLITICAL TUSSLE NEXT WEEK AND IF CONSOLIDATION STARTS TODAY THEN NIFTY WILL CROSS 3715 NEXT WEEK AND INDIAN MARKETS WILL IGNORE WEAK GLOBAL MARKETS CUES.
INDIAN MARKETS WILL OPEN IN RED TODAY AND IF NIFTY SUSTAINS ABOVE 3550 THEN UP MOVE HOPES WILL REMAIN ALIVE.THEREFORE WATCH 3550.
(LALIT KUMAR DHINGRA)
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