I AM CONTINUOUSLY TELLING FOR SLOW UPMOVES BECAUSE INDIAN MARKETS ARE TRADING BETWEEN RESISTANCE ZONE OF 4525-4693. AS ALL TRENDS ARE UP AND CHARTS HAVE NOT SHOWN SELLING PATTERNS THEREFORE VIEW IS BULLISH. NIFTY TRADED YESTERDAY BETWEEN 4530-4595 AND LITTLE SELLING WAS SEEN AT HIGHER LEVELS AND SOME BUYING WAS SEEN AT LOWER LEVELS. NIFTY WILL TRADE FIRST BEETWEEN THIS RANGE AFTER ALMOST FLAT OPENING AND BREAK OUT OF THIS RANGE WILL GIVE NEXT MOVE CONFIRMATION. AS VIEW IS BULLISH THEREFORE UP SIDE BREAK OUT IS EXPECTED.
RBI CREDIT POLICY WILL BE DECLARED THEREFORE SOME VOLTALITY MAY BE SEEN TODAY. CONSOLIDATION AND SLOW UPMOVES ARE EXPECTED IN THE COMING SESSIONS AND IN THIS PROCESS MARKETS MAY TRADE OR CLOSE IN NEGATIVE ZONE ALSO BUT THAT DOES NOT MEAN THAT DOWN MOVE HAS STARTED. FOR ANY DOWN MOVE GOOD SELLING PATTERNS ARE MUST IN INTRADAY CHARTS AND SELLING IS NOT SEEN THERE.
AS ASIAN MARKETS ARE MIXED THEREFORE FLAT OPENING MAY BE SEEN AND GREEN CLOSING IS EXPECTED TODAY.
(LALIT KUMAR DHINGRA)
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