LONG AND INTERMEDIARTE TERM TRENDS ARE UP AND SHORT TERM TREND IS DOWN. INTERMEDIATE TERM TREND WILL BE DOWN BELOW 4365. ALTHOUGH NIFTY CLOSED BELOW IT AT 4356.15 YESTERDAY BUT NIFTY HAS TO SUSTAIN BELOW 4365 FOR CONFIRMATION OF INTERMEDIATE TERM TOWARDS DOWNWARD DIRECTION. INTERMEDIATE TERM TREND DOWNWARD REPERCUSSIONS WILL BE WRITTEN AFTER ITS DOWNWARD CONFIRMATION.
AFTER SHARP FALL INDIAN MADE PANIC BOTTOM YESTERDAY AND F&O OPEN INTEREST ANALYSIS IS SUGGESTING SOME BUYING YESTERDAY THEREFORE SOME RECOVERY FROM YESTERDAY LOWER LEVELS IS EXPECTED TODAY. IF AFTER FLAT OPENING INDIAN MARKET CONSOLIDATES AND SUSTAINS ABOVE 4365 THEN SMALL PULL BACK WILL BE SEEN TODAY. AS THERE IS GOOD SELLING AT HIGHER LEVELS THEREFORE VERY GOOD CONSOLIDATION REQUIRES FOR ANY UPMOVE FROM HERE. FOR NEXT TREND CONFIRMATION WATCH 4365.
IT IS EXPECTED THAT INDIAN MARKETS WILL CONSOLIDATE NEAR YESTERDAY LOWER LEVELS AND WILL FINALLY MOVE UP AS WELL AS CLOSE IN GREEN TODAY BUT FOR PRECAUTION AND SAFETY 4365 MUST BE WATCHED FOR TREND CONFIRMATION.
(LALIT KUMAR DHINGRA)
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