ALL THE GLOBAL MARKETS HAVE ENTERED INTO NARROW RANGE TRADING ZONE TODAY AND PREPARING FOR NEXT MOVES AFTER YESTERDAY HUGE LOSSES. IT IS EXPECTED THAT GLOBAL MARKETS WILL REMAIN ALMOST FLAT TODAY AND WILL NOT GIVE ANY SPECIFIC CUE. ALTHOUGH US MARKETS CLOSED WITH MINOR LOSSES YESTERDAY BUT INTRADAY CHARTS ARE SHOWING BUYING THEREFORE IT IS EXPECTED THAT US MARKETS MAY CLOSE POSITIVE TODAY AND ALSO SHOW SHARP RALLY IN SITUATION OF POSITIVE OUTCOME FROM FED MEET TODAY. IF IT HAPPENS TODAY THEN TODAY IT WILL BECOME TRIGGER FOR VERY SHORT TERM RALLY IN GLOBAL MARKETS TOMORROW AND NEXT CUE IS EXPECTED FROM TODAY US MARKETS.
INDIAN MARKETS RECOVERED FROM DAY'S LOWS YESTERDAY AND NIFTY TRADED LAST ONE HOUR WITHIN THE RANGE OF 4230-4260 BUT COULD NOT SUSTAIN AT HIGHER LEVELS OF THE DAY AND BROKEN DOWN SHARPLY IN THE LAST 10 MINUTES YESTERDAY THEREFORE SOME CONSOLIDATION IS REQUIRED TODAY FOR SUSTAINING ABOVE 4260. SUATAINING ABOVE 4260 WILL GIVE CONFIRMATION TO SLOW UPMOVE UPTO 4350 AND AFTER CROSSING 4350 SHARP UPMOVES WILL BE SEEN.
IT IS EXPECTED THAT AFTER FLAT OPENING NIFTY WILL FIRST TRADE AND PREPARE BETWEEN LAST ONE HOUR RANGE OF YESTERDAY(4230-4260) AND FINALLY CROSS ABOVE 4260 AND CLOSE IN GREEN TODAY BUT FOR PRECAUTION AND SAFETY WATCH 4260.
(LALIT KUMAR DHINGRA)
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