DOW JONES SHOWED HANDSOME 172 POINTS RALLY YESTERDAY. IT WAS EXPECTED AFTER FED MEET BUT SEEN ONE DAY LATE AND GLOBAL MARKETS WILL REACT IT TODAY WITH POSITIVE OPENING. IN STOCK MARKETS ALL THE THINGS DOES NOT HAPPEN ACCORDING TO OUR EXPECTATIONS AND MAY TURN ALSO DIFFERENT WAY BUT FOR EARNING PROFITS QUICK UNDERSTANDING AND SHIFTING OF TRADE ACCORING TO MARKET IS MUST. AS SOON AS I GOT CONFIRMATION YESTERDAY THAT MARKET MAY TURN AGAINST MY GREEN CLOSING PREDICTION I IMMEDIATELY POSTED POST OPEN OUTLOOK AT 10:54 AM AND DECLARED POSSIBILITY OF RED CLOSING. I WOULD LIKE TO ADD THAT NIFTY TRADED FIRST 4 HOURS BETWEEN 4290-4320 AND ANY ONE CAN VERIFY FROM YESTRADAY INTRADAY CHARTS THAT NIFTY WAS ALMOST NEAR THE UPPER PART OF THIS RANGE AT THE TIME OF POST OPEN OUTLOOK POSTING AND ITS TIME OF 10:54 AM CAN BE VERIFIED THROGH THE CLICK OF FOLLOWING LINK;-
http://www.orkut.co.in/Main#AlbumZoom.aspx?uid=15126964664090279701&pid=1245978328629&aid=1234097281$pid=1245978328629
I CLEARLY EXPLAINED BECAUSE I ALWAYS TRY TO POST MY TRADING HOURS ANALYSIS WITHIN TIME FOR THE PURPOSE OF PROPER GUIDEANCE WITHOUT LOOSING ANY OPPORTUNITY.
THERE WAS PREVIOUS RESISTANCE BETWEEN 4300-4350 THEREFORE I WAS TELLING FOR ZOOMING UP ABOVE 4350 AND WITHIN THIS RANGE AGAIN SELLING WAS SEEN YESTERDAY. NIFTY TRADED FIRST 4 HOURS YESTERDAY WITHIN 4290-4320 AND AFTER GENUINE SELLING MOVED DOWNWARD. DURING CONSOLIDATION GENUINE SELLING SHOULD NOT COME BUT WAS SEEN YESTERDAY THEREFORE RESISTANCE RANGE OF 4300-4350 BECAME STRONGER AND FOR ANY UPMOVE MORE CONSOLIDATION IS MUST. IF FOLLOW UP SELLING AGAIN DEVELOPS TODAY THEN MORE LOWER LEVELS MAY BE SEEN.
I AM NON-STOP TELLING FOR THE LAST MANY DAYS ABOUT GOOD SELLING AT HIGHER LEVELS OF MARCH 2009 RALLY AND COMPLETE CONSOLIDATION REQUIREMENT FOR ITS BREAK OUT. AS DURING PROCESS OF CONSOLIDATION GENUINE SELLING WAS SEEN YESTERDAY THEREFORE UNTIL FRESH PROOFS OF CONSOLIDATION WILL NOT BE SEEN TILL THEN NEXT UPMOVE CAN NOT BE PREDICTED.
NIFTY IS TRADING WITHIN 4170-4350 FOR THE LAST 6 DAYS. WITHIN THIS RANGE BUYING WAS SEEN AT LOWER LEVELS AND SELLING AT HIGHER LEVELS. IT WAS EXPECTED THAT WILL ZOOM UP YESTERDAY AFTER SOME AFTER CONSOLIDATION BELOW 4350 BUT ON THE OTHER HAND GENUINE SELLING DEVELOPED. IT IS NOW CONFIRM THAT WITHOUT MORE CONSOLIDATION FRESH UPMOVE WILL NOT BE SEEN AND DURING THIS PROCESS NIFTY MAY TEST ALSO LOWER LEVELS OF 6 DAYS RANGE. IT IS EXPECTED THAT MARKET WILL REMAIN WITHIN 6 DAYS RANGE DURING COMING FEW SESSIONS AND WILL PREPARE FOR NEXT BIG MOVE.
SHORT TERM AND INTERMEDIATE TERM TRENDS ARE DOWN AND LONG TERM IS UP. MARKET HAS TURNED RANGE BOUND THEREFORE FOR NEXT MOVE AND FINAL TREND CONFIRMATION WILL COME OUT AFTER THE BREAK OUT OF 6 DAYS RANGE
AFTER FLAT TO GREEN OPENING FIRSTLY VOLTALITY WILL BE SEEN AND INDIAN MARKETS WILL TRADE IN RED ZONE ALSO. IF SUPPORT DOES NOT COME AT LOWER LEVELS THEN RED CLOSING IS ALSO EXPECTED TODAY.
(LALIT KUMAR DHINGRA)
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