ALL TRENDS ARE UP AND INDIAN MARKETS MADE DOUBLE TOP YESTERDAY.IT IS CLEAR THAT MARCH 2009 RALLY IS 1ST WAVE OF BULL RALLY AND RUN 1970 POINTS WITH ONLY SMALL SHORT TERM CORRECTIONS.AS PER MY VIEW 1ST WAVE WILL TERMINATE AFTER THE CONFIRMATION INTERMEDIATE TERM CORRECTION.I ALREDY TOLD FEW DAYS BACK THAT INDIAN MARKETS WILL CROSS ALL TIME HIGH IN 2ND OR 3RD WAVE AND I AM EXPECTING MUCH HIGHER LEVELS IN THE COMING YEARS AND NOW INVESTMENT SEASON HAS COME.
NIFTY TRADED ALMOST WHOLE DAY YESTERDAY WITHIN THE RANGE OF 4300-4350. I ALREADY TOLD ON 21-05-2009 ABOUT STRONG RESISTANCE OF 4350-4620 AND AGAIN REPEATING TODAY BECAUSE NIFTY MADE DOUBLE TOP YESTERDAY AT 4350 AND YESTERDAY INTRADAY CHARTS OF SOME STOCKS ARE SHOWING SELLING PATTERNS.IF NIFTY DOES NOT SUSTAIN ABOVE 4350 AFTER EXPECTED POSITIVE OPENING THEN NIFTY WILL MOVE AGAIN BELOW 4300 AND VERY SHORT TERM CORRECTION WILL START.
AS SENTIMENT IS HEATED THEREFORE VERY SHORT TERM CORRECTION IS EXPECTED AND AFTER POSITIVE OPENING RED CLOSING WILL BE SEEN TODAY IF NIFTY DOES NOT SUSTAIN ABOVE 4350.
(LALIT KUMAR DHINGRA)
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