SHORT AND LONG TERM TRENDS ARE UP BUT INDIAN MARKETS COULD NOT HOLD AT UPPER LEVELS YESTERDAY AND SLIPPED FROM DAY'S HIGHEST LEVELS THEREFORE FRESH CONSOLIDATION IS MUST TODAY TO CROSS YESTERDAYDAY'S HIGHEST LEVELS. ALTHOUGH YESTERDAY INTRADAY CHARTS ARE SHOWING GOOD SELLING AT HIGHER LEVELS BUT LONG TERM TREND IS UP. INDIAN MARKETS ARE BULLISH AND MARKET BROKEN OUT AFTER 6 DAYS NARROW RANGE MOVE LAST FRIDAY THEREFORE AFTER FEW HOURS PROFIT BOOKING MARKET MARKET MAY MOVE UP ALSO AFTER SOME CONSOLIDATION ALSO AND FOR ANY FURTHER DOWN NOVE FOLLOW UP SELLING IS MUST TODAY.
TODAY MOVES ARE LOCKED WITHIN YESTERDAY RANGE(4360-4440) BECAUSE IN INTRADAY CORRECTION BUYING AT LOWER LEVELS AND SELLING AT HIGHER LEVELS WAS SEEN YESTERDAY. NIFTY WILL OPEN POSITIVE AND TRADE FIRST WITHIN YEDTERDAY RANGE TODAY. ALTHOUGH MY VIEW IS BULLISH AND NO QUESTION OF OF REVERSING FROM BULLISH TO BEARISH BUT I WOULD LIKE TO SAY AFTER CONFIRMATION THEREFORE WILL BE BETTER TO GET CONFIRMATION FROM FIRST 3 HOURS INTRADAY CHARTS AND THEN POST CONFIRMED VIEW DURONG TRADING HOURS.
(LALIT KUMAR DHINGRA)
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