SHORT TERM AND LONG TERM TRENDS ARE UP AND INTERMEDIATE TERM WILL ALSO BE UP WHEN NIFTY WILL SUSTAIN ABOVE 4480. ALTHOUGH NIFTY CLOSED ABOVE 4500 AT 4502.25 YESTERDAY BUT IT HAS TO SUSTAIN ABOVE 4480 IN THE COMING SESSIONS THEN INTERMEDIATE TERM TREND WILL BE UP. I AM NOT SAYING THESE WORDS AFTER WATCHING LITTLE WEAK ASIAN MARKETS AND RED TRADING SGX NIFTY BUT I TOLD THESE WORDS IN POST CLOSING REPORT YESTERDAY WHEN US MARKETS WERE TRADING WITH GOOD GAINS AFTER EUROPEAN MARKETS GREEN CLOSING:-
"SHORT TERM IS OVER BOUGHT AND SENTIMENT IS HEATED THEREFORE MILD CORRECTION IS DUE NOW. SUSTAINING ABOVE 4500 WILL BE WATCHED TOMORROW AND IF DOES NOT SUSTAINS ABOVE IT THEN MILD CORRECTION WILL BE SEEN"
AS I SUSPECTED MILD CORRECTION TODAY THEREDORE I BOOKED PROFIT ABOVE 4500 IN NIFTY F&O INTRADAY TRADE YESTERDAY. FOR PROOF JUST CLICK FOLLOWING LINK:-
http://www.orkut.co.in/Main#AlbumZoom.aspx?uid=15126964664090279701&pid=1248145898085&aid=1234097281$pid=1248145898085
AT PRESENT SHORT TERM IS OVERBOUGHT AND MARKET IS JUST BELOW STRONG RESISTANCE RANGE OF 4525-4693. FOR ANY UPMOVE FROM HERE GOOD CONSOLIDATION IS REQUIRED AND IN THIS PROCESS MILD CORRECTION IS EXPECTED TODAY WHICH MAY BE INTRADAY OR 1-2 DAYS. WHEN AFTER EXPECTED CORRECTION NIFTY WILL START UPMOVE THEN WILL CROSS 4480 AND SUSTAIN ABOVE IT. AT PRESENT NO THREAT TO ON GOING RALLY AND EXPECTED THAT AFTER CORRECTION UPMOVES WILL REMAIN CONTINUED.
AFTER FLAT TO WEAK OPENING NIFTY WILL TRADE FIRST BELOW 4500 AND WILL BE VOLATILE. RED CLOSING MAY ALSO BE SEEN TODAY.
(LALIT KUMAR DHINGRA)
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