LONG TERM TREND UP AND AFTER 6 DAYS RANGE BOUND MOVE INDIAN MARKETS BROKEN OUT WITH FORCE AND CLOSED WITH GOOD GAINS LAST FRIDAY. ON GOING RALLY SLIPPED FROM ITS HIGHS AFTER VERY GOOD SELLING AND I AM NON STOP TELLING THAT FOR CROSSING HIGHS GOOD CONSOLIDATION REQUIRES AND AFTER LAST FRIDAY BREAK OUT NIFTY SUSTAINING ABOVE 4320 WITH FOLLOW UP BUYING TODAY WILL GIVE CONFIRMATION TO BOTTOM FORMATION OF ON GOING CORRECTION. AFTER THAT TESTING AS WELL AS CROSSING THE HIGHS OF THIS RALLY BEFORE OR AFTER BUDGRT WILL ALSO BE CONSIDERED.
AS ALL ROUND BUYING WAS SEEN LAST FRIDAY THEREFORE TESTING OF NEXT RESISTANCE RANGE(4475-4525) IS VERY MUCH POSSIBLE. AS ALL THE ASIAN MARKETS ARE FLAT THEREFORE INDIAN MARKETS WILL OPEN LITTLE POSITIVE AND IT IS EXPECTED THAT AFTER SOME INTRADAY CORRECTION FRIDAY BEGUN RALLY WILL REMAIN CONTINUED AND INDIAN MARKETS WILL CLOSE IN GREEN TODAY.
(LALIT KUMAR DHINGRA)
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