AS I AM NON STOP TELLING BEFORE BEGINING OF ANY INDIAN STOCK MARKET FALL SINCE JAN 2008 (FROM SENSEX ABOVE 21000 AND NIFTY ABOVE 6000) SO I TOLD VERY MOCH CLEARLY YESTERDAY ABOUT THE BEGINING OF FALL AND INDIAN MARKETS CLOSED IN DEEP RED YESTERDAY. SHORT TERM TREND HAS STARTED TO MOVE DOWN FROM YESTERDAY AND WITH THIS DOWN MOVE CORRECTION STARTED. CONSOLIDATION WILL STOP CORRECTION THEREFORE BETTER TO WAIT FOR BEGINING OF CONSOLIDATION AND THEN START BUYING.AT THIS MOMENT SHORT TERM CORRECTION HAS BEEN CONFIRMED THEREFORE ONLY SHORT TERM TARGETS WILL BE KEPT IN MIND. IN DOWNSIDE GOOD SUPPORT BETWEEN 4100-4250 AND I AM EXPECTING THAT THIS SUPPORT WILL NOT BREAK EASILY AND UPTO BUDGET NIFTY WILL BE VOLATILE,CONSOLIDATE AND TRADE WITHIN THE RANGE OF 4100-4650. SOME MORE DOWN MOVE IS EXPECTED AND THEN CONSOLIDATION WILL START.
NEXT SUPPORTS ARE AS FOLLOWS:-
1- 4300-4350
2- 4200-4250
3- 4100-450
AS SOME MORE DOWN MOVE IS EXPECTED THEREFORE AFTER WEAK OPENING INDIAN MARKETS WILL TRADE FIRST IN RED AND PREPARE FOR NEXT MOVE. INTRADAY CHART OF FIRST 3 HOURS WILL TELL MORE CORRECTION OR CONSOLIDATION AND THAT WILL DECIDE TODAY CLOSING. AS INTRADAY CHARTS WILL SUGGEST SO WILL BE POSTED IN MID-SESSION OUTLOOK.
(LALIT KUMAR DHINGRA)
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