IT WAS THE MOST VOLATILE DAY YESTERDAY. THERE WERE SELLING FORMATIONS ON 21-07-2009 THEREFORE MARKETS WERE DUE FOR DOWN MOVES BUT MOVED UP 89 POINTS FIRST AND AFTER THAT LOST 150 POINTS. AS PER MY VIEW YESTERDAY HUGE VOLTALITY WAS FOR CONSOLIDATION. AS HEAVY BUYING POSITIONS WERE FORMED BY GENERAL TRADERS THEREFORE FOR CUTTING OF THOSE POSITIONS YESTERDAY VOLTALITY DEVELOPED YRSTERDAY. ALTHOUGH I WAS EXPECTING THAT 4400 WILL BE TESTED BUT YESTERDAY UP MOVE WAS TOO STRONG AND IT CREATED IMPRESSION OF CONSOLIDATION AT HIGHER LEVELS.FINALLY MARKET CONSOLIDATED AMID HUGE VOLTALITY YESTERDAY.
AS PER MY VIEW INDIAN MARKETS ARE WELL PREPARED NOW AND WILL FIRST MOVE ABOVE 4480 AND THEN INTERMEDIATE TERM TREND WILL BE UP. I AM EXPECTING THAT NOW IN THIS RALLY NIFTY WILL TEST 4693(MARCH 2009 RALLY HIGHEST)
AS GLOBAL CUES ARE MORE OR LESS POSITIVE THEREFORE INDIAN MARKETS WILL OPEN POSITIVE AND WILL CLOSE IN GREEN TODAY.
(LALIT KUMAR DHINGRA)
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