PRE-OPEN MARKET OUTLOOK(16-06-2009)

LONG AND INTERMEDIATE TERM TRENDS ARE UP AND SHORT TERM HAS BECOME DOWN YESTERDAY.SHARP DOWN OF CORRECTION WAS SEEN YESTERDAY BUT I WAS NON STOP DAILY TELLING FOR CORRECTION:-

1- 08-06-2009:-"A VERY SHORT TERM CORRECTION WILL BE SEEN AND NIFTY MAY TEST 4470."

2- 08-06-2009:-"TESTING OF 4470 IS POSSIBLE IN VERY SHORT TERM CORRECTION."

3- 09-06-2009:-"SHORT TERM TREND HAS STARTED TO MOVE DOWN FROM YESTERDAY AND WITH THIS DOWN MOVE CORRECTION STARTED. CONSOLIDATION WILL STOP CORRECTION"

4- 09-06-2009:-"AT THIS MOMENT SHORT TERM CORRECTION HAS BEEN CONFIRMED"

5- 10-06-2009:-"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."

6- 12-06-2009:-"LAST 2 DAYS INTRADAY CHARTS OF MANY STOCKS ARE SHOWING SELLING PATTERNS THEREFORE CORRECTION IS EXPECTED"

7- 12-06-2009:-"IT IS THE ONLY QUESTION LEFT AT THIS MOMENT THAT EXPECTED CORRECTION WILL BE VERY SHORT TERM OR SHORT TERM"

8- 15-06-2009:-"INTRADAY CHARTS OF MANY STOCKS ARE CLEARLY SHOWING SELLING PATTERNS"

9- 15-06-2009:-"CORRECTION OF MARCH 2009 RALLY WILL START AND NIFTY WILL TEST 4400"

10- 12-06-2009:-"CORRECTION WILL START TO TEST 4400"

NOW FIRST RESISTANCE RANGE OF MARCH 2009 RALLY IS 4600-4680. AFTER US AND EUROPEAN MARKETS DEEP RED CLOSING YESTERDAY ASIAN MARKETS ARE TRADING WEAK TODAY THEREFORE SENTIMENT IS DAMPENED TODAY MORNING AND INDIAN MARKETS WILL OPEN GAP DOWN TODAY. SOME INTRADAY CHARTS OF YESTERDAY ARE SHOWING BUYING FORMATIONS AND OPEN INTEREST ANALYSIS OF FUTURE AND OPTIONS IS ALSO INDICATING DOWN MOVE LIMITATIONS. IT IS EXPECTED THAT AFTER GAP DOWN OPENING NIFTY WILL GET INTRADAY SUPPORT NEAR 4400 AND SHARP INTRADAY RECOVERY MAY BE SEEN TODAY.

NOW GOOD CONSOLIDATION IS REQUIRED FOR COMPLETION OF CORRECTION AND BEGINING OF FRESH UPMOVE.4400 SHOULD BE WATCHED IF NIFTY GETS SUPPORT HERE THEN WE SHALL THINK FOR UPMOVE.AS MARKET WILL BE NEAR THE SUPPORT OF 4400 TODAY THEREFORE FIRST 3 HOURS ANALYSIS OF TODAY TRADING IS MUST TO CONFIRM THAT MARKET IS GETTING SUPPORT AT 4400 OR NOT.AFTER GETTING FINAL CONCLUSION NEXT EXPECTATIONS WILL BE POSTED IN MID-SESSION OUTLOOK.


(LALIT KUMAR DHINGRA)