SHORT TERM AND LONG TERM TRENDS ARE UP AND INTERMEDIATE TERM IS DOWN. MARKETS RESTED YESTERDAY AFTER 2 DAYS RACE. IT IS EXPECTED THAT INDIAN MARKETS WILL FIRST PREPARE AND THEN AGAIN START RUNNING TODAY. AS INTRADAY CHARTS OF MANY STOCKS ARE SHOWING MIXED PATTERNS AFTER YESTERDAY PROFIT BOOKING THEREFORE CONSOLIDATION REQUIRES TODAY FOR NEXT UPMOVE. GLOBAL CUES ARE POSITIVE TODAY MORNING THEREFORE IT IS EXPECTED THAT AFTER POSITIVE OPENING INDIAN MARKETS WILL CONSOLIDATE BETWEEN YESTERDAY LAST 4 HOURS RANGE(4210-4270) AND FINALLY MOVE UP.
CONFIRMATION REQUIRES FROM FIRST 3 HOURS INTRADAY CHARTS TODAY AND BREAK OUT OF YESTERDAY LAST 4 HOURS RANGE WILL GIVE CONFIRMATION OF NEXT MOVE.
I AM BULLISH AND EXPECTING AGAIN UPMOVE FROM TODAY AFTER CONSOLADATION.
(LALIT KUMAR DHINGRA)
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