INDIAN MARKETS CLOSED IN RED WITH SUFFICIENT LOSS YESTERDAY BUT INTRADAY TRADING PATTERNS ARE NOT SUGGESTING SELLING AND DURING CONSOLIDATION SUCH TYPE OF SHARP DOWN MOVES ARE VERY MUCH POSSIBLE. LONG TERM TREND IS UP AND 1ST IMPULSIVE WAVE HAS BEEN COMPLETED AND ITS CORRECTION IS ON AFTER VERY GOOD SELLING AT HIGHER LEVELS OF 1ST WAVE. SINCE THE BEGINING OF CORRECTION I AM NON STOP TELLING THAT MARKET REQUIRE COMPLETE CONSOLIDATION AND THIS PROCESS IS CONTINUED. INTERMEDIATE TERM IS DOWN AND ITS TURNING DOWNWARD GAVE CONFIRMATION TO THE TERMINATION OF 1ST WAVE. AS PER DOW THEORY INTERMEDIATE TERM TREND LIFE IS 3 WEEKS TO 3 MONTHS AND TODAY IS 15TH TRADING DAY CORRECTION. AS TIME PERIOD OF 3 WEEKD HAS BEEN COMPLETED THEREFORE IF CONSOLIDATION SIGNALS REEMERGE TODAY THEN UPMOVES WILL BE SEEN AND INDIAN MARKETS WILL CROSS 1ST WAVE HIGHS AFTER BUDGET.
I WAS BULLISH YESTERDAY AFTER SOME SELLING AT HIGHER LEVELS AND ALSO BULLISH TODAY AFTER YESTERDAY SHARP DOWN AND RED CLOSING. I AM EXPECTING THAT INDIAN MARKETS WILL CLOSE IN GREEN TODAY AFTER GREEN OPENING. FOR PRECAUTION I WOULD SUGGEST THAT JUST WATCH SUPPORT RANGE IS AT 4265-4300 AND UNTIL NIFTY IS ABOVE IT TILL THEN HOPES OF CROSSING THIS RALLY HIGHS AFTER BUDGET WILL REMAIN ALIVE.
(LALIT KUMAR DHINGRA)
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