I TOLD IN MID-SESSION OUTLOOK AT 12:50 PM YESTERDAY THAT:- "JUST WATCH FIRST RESISTANCE OF 4535-4555 AND TRADE ACCORDING TO THE MARKET SUSTAINING UP OR BELOW OF THIS RANGE."
NIFTY TRADED ALMOST WHOLE TIME NEARABOUT THIS RANGE AFTER 12:50 PM AND CLOSED WITHIN THIS RANGE AT 4550.95 YESTERDAY. I AGAIN REPEATED SAME VERSION YESTERDAY IN MY FUTURE OUTLOOK OF YESTERDAY POST CLOSING REPORT AND ONCE AGAIN EMPHASISING IT WITH MY THIS STATEMENT THAT DO'NT BE BULLISH OR BEARISH IN SHORT TERM AND ONLY WATCH THAT WHICH SIDE OF MENTIONED RANGE(4535-4555) NIFTY IS SUSTAINING AND TRADE ACCORDING TO THAT. I CLEARLY MEAN TO SAY THAT IF NIFTY SUSTAINS ABOVE 4555 THEN WILL COUNTER LAST RESISTANCE RANGE (4600-4650) OF THIS RALLY AND IF SUSTAINS BELOW 4535 THEN WILL TEST FIRST SUPPORT RANGE(4300-4350) OF THIS RALLY.
LONG AND INTERMEDIATE TERM TRENDS ARE UP AND SHORT TERM TREND IS SIDEWAYS FOR THE LAST 7 DAYS WITHIN THE RANGE OF 4365-4650. LAST 7 DAYS SIDEWAYS TRADING IS PREPERATION FOR NEXT BIG MOVE AND FIRST SIGNAL OF BREAK OUT OF LAST 7 DAYS RANGE WILL COME FROM THE BREAK OUT OF THE TRADING RANGE OF 4535-4555. UPWARD BREAK OUT WILL MEAN TESING OF THE RANGE OF 4600-4650 AND CROSSING OF 4650 WILL MEAN CONTINUATION OF ONGOING RALLY TO TEST +4900 LEVEL. DOWNWARS BREAK OUT WILL MEAN BEGINING OF SHORT TERM CORRECTION AND ALSO WITH POSSIBILITY OF INTERMEDIATE TERM TREND TOWARDS DOWN SIDE.IN THIS SITUATION INDIAN MARKETS WILL TEST NEXT SUPPORTS AT LOWER LEVELS.
NEXT SUPPORTS ARE AS FOLLOWS:-
1- 4300-4350
2- 4200-4250
3- 4100-450
AFTER FLAT US AND EUROPEAN MARKETS ASIAN MARKETS ARE POSITIVE TODAY THEREFORE AFTER GOOD OPENING NIFTY SUSTAINING ABOVE 3555 WILL MEAN CONTINUATION OF UPWARD JOURNEY AND GREEN CLOSING TODAY.
(LALIT KUMAR DHINGRA)
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