I WOULD LIKE TO TELL ALL THE VISITORS THAT ALL THE FINANCIAL MARKETS MOVES ON TECHNICALS BUT THERE MUST BE COMPLETE UDERSTANDING OF ITS ANALYSIS. IT IS THE RESULT OF CHARTS ANALYSIS THAT WHEN ALL THE GLOBAL MARKETS WERE IN DEEP RED AND SGX NIFTY WAS TRADING MORE THAN 100 POINTS DOWN THEN I CLEARLY TOLD YESTERDAY THAT "AFTER GAP DOWN OPENING NIFTY WILL GET INTRADAY SUPPORT NEAR 4400 AND SHARP INTRADAY RECOVERY MAY BE SEEN TODAY". AS I TOLD 100% SAME HAPPENED AND NIFTY MOVED UP WHOLE DAY AFTER GAP DOWN OPEN AND MAKING BOTTIM AT 4405.95. I CLEARLY MEAN TO SAY THAT MARKETS MOVES ON TECHNICALS IN INTRADAY,SHORT AND INTERMEDIATE TERM. ALTHOUGH MARKET MOVED UP WHOLE DAY YESTERDAY BUT INTRADAY CHARTS OF YESTERDAY NOT SHOWING COMPLETE BUYING BUT ALSO SHOWING SELLING IN SOME STOCKS. FOR ANY UPMOVE FROM HERE MORE CONSOLIDATION AND FOLLOW UP BUYING IS MUST TODAY. AS LAST ONE DAY INTRADAY CHARTS OF YESTERDAY IS SHOWING SHORTCOVERING THEREFORE IF FOLLOW UP BUYING DOES NOT COME TODAY THEN INDIAN MARKETS MAY SLIDE FURTHER.
SHORT TERM CORRECTION HAS BEEN STARTED IN ALMOST ALL GLOBAL MARKETS THEREFORE NEGATIVE CUES ARE COMING FROM THERE. INDIAN MARKETS WILL RESPOND TO GLOBAL CUES AND LAST ONE HOUR YESTERDAY SELLING WITH WEAK OPENING AND VOLTALITY IMMEDIATELY AFTER OPNING TODAY. TODAY SESSION WILL BE VOLATILE WITHIN YESTERDAY TRADING RANGE(4435-4515) AND INDIAN MARKETS WILL PREPARE FOR NEXT MOVE. FOR FRESH UPMOVE MORE CONSOLIDATION REQUIRES THEREFORE IMMEDIATE BULLISHNESS SHOULD NOT BE EXPECTED.
AFTER WEAK OPENING NIFTY WILL TRADE FIRST WITHIN 4435-4515 AND WILL BE VOLATILE. IT IS ALSO EXPECTED THAT NIFTY MAY TEST BOTH POINTS OF MENTIONED RANGE(4435-4515) BEFORE RED CLOSING TODAY.
(LALIT KUMAR DHINGRA)
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