INDIAN MARKETS ARE RANGE BOUND AFTER LAST WEEK HUGE GAP UP TRADING. I ALREADY TOLD ON 20-05-2009 THAT "INDIAN MARKETS REQUIRE GOOD CONSOLIDATION TO CROSS THE STRONG RESISTANCE RANGE(4350-4620) AND THIS RESISTANCE WILL NOT BE CLEARED EASILY." ALTHOUGH ALL TRENDS ARE UP BUT AFTER POST ELECTION RESULTS DECENT GAINS INDIAN MARKETS REQUIRE GOOD CONSOLIDATION.IT IS CONFIRM THAT SHORT TERM CORRECTION IS ON AND INDIAN MARKETS GOT INTRADAY SUPPORT AT 4156 ON 22-04-2009 BUT LAST 2 HOURS TRADING BETWEEN 4220-4245 SHOWING SELLING INDICATIONS AND IF NIFTY SUSTAINS TODAY BELOW 4220 TODAY THEN MORE DOWN MOVES WILL BE SEEN IN INDIAN MARKETS.ALTHOUGH INDUSTRY AND MARKET FAVOURING DECISIONS WILL BE SEEN IN COMING FUTURE AFTER FORMATION OF STABLE AND PROGRESSIVE GOVT. AT CENTRE BUT MARKET MOVES ON ITS TECHNICALS AND CONSOLIDATION/CORRECTIONS ARE ITS INTEGRAL PARTS AND RALLIES MOVES UP AFTER COMPLETING THESE PROCESS.
ALMOST ALL THE GLOBAL MARKETS ARE ALSO SHOWING CORRECTION AFTER MARCH 2009 RALLY THEREFORE GLOBAL CUES ARE EXPECTED TO GIVE DOWNWARD SIGNALS AND INDIAN MARKETS SHOWED SELLING AT HIGHER LEVELS THEREFORE NIFTY WILL TRADE FIRST BETWEEN 22-04-2009 RANGE (4160-4245) AFTER WEAK OPENING TODAY AND PREPARE FOR NEXT MOVE.NIFTY GOT GOOD SUPPORT AT 4160 BUT IF SELLING DEVELOPS TODAY THEN 4160 WILL BE BROKEN AND INDIAN MARKETS WILL CLOSE IN RED TODAY.
(LALIT KUMAR DHINGRA)
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