I CLEARLY TOLD YASTERDAY THAT "INTRADAY MOVES WILL GIVE INDICATION OF FORM OF CORRECTION(SHORT TERM OR INTERMEDIATE TERM)."
AS I TOLD SAME HAPPENED AND CORRECTION STARTED FROM YESTERDAY WITH INDIAN MARKETS RED CLOSING. BEGINING OF CORRECTION AND ONLY THIS HAS TO BE DECIDED THAT ONGOING CORRECTION WILL BE SHORT TERM OR INTERMEDIATE TERM. AFTER WATCHING GOOD SELLING PATTERNS YESTERDAY INTERMEDIATE TERM CORRECTION POSSIBILITIES HAVE INCREASED AND IN THAT SITUATION CORRECTION WILL BE DEEPER BUT TRADING GAP OF 18-05-2009 WILL BE FIRST SUPPORT AND RANGE OF 3297-3717 WILL BE STRONG SUPPORT. 4350-4620 IS STRONG RESISTANE. AS PER MY VIEW NIFTY WILL TAKE SUFFICIENT TIME TO CROSS 4620 BECAUSE INDIAN MARKETS WILL FIRST COMPLETE JUST BEGUN CORRECTION,AFTER THAT CONSOLIDATION WILL START AND THEN STRONG RESISTANCE OF 4350-4620 WILL BE CROSSED.AS PER MY VIEW INDIAN MARKETS WILL MOVE MANY SESSIONS WITHIN THE TRADING GAP OF 18-05-2009(3686-4200).ALTHOUGH THIS GAP SHOULD GIVE SUPPORT TO INDIAN MARKETS BUT TRADING WILL BE SEEN WITHIN THIS GAP MANY SESSIONS.
ALTHOUGH INDIAN MARKETS WILL OPEN AND CLOSE IN RED TODAY BUT I UNDERSTOOD IT YESTERDAY THEREFORE I GAVE NIFTY FUT. SELLING CALL YESTERDAY AS WELL AS I SOLD INVESTMENT STOCKS IN WHITCH "R POWER GAVE PROFIT OF MORE THAN 10% IN ONLY ONE DAY". PROOFS ARE AVAILABLE IN "FUTURE AND OPTION CALLS" THREAD AND "INVESTMENTS AND PORTFOLIOS MANAGEMENT" THREAD.
(LALIT KUMAR DHINGRA)
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