INDIAN MARKETS MOVED DOWN SHARPLY AFTER SHANGHAI INDEX CRASH YESTERDAY BUT NIFTY COULD NOT MOVED BELOW INTERMEDIATE BOTTOM OF 4380 AND RECOVERED FROM 4421 THEREFORE LONG TERM AND INTERMEDIATE TERM TRENDS ARE VERY MUCH INTACT. I AM CONTINUOUSLY TELLING THAT INDIAN MARKETS ARE WITHIN THE RESISTANCE RANGE OF 4525-4693 THEREFORE UP MOVES WILL BE SLOW. MARKETS WILL CONSOLIDATE FIRST AND AFTER THAT WILL MOVE UP AND DURING THIS PROCESS IT WILL TAKE ITS OWN TIME. IN STOCK MARKETS WE SHOULD ALWAYS CONSIDER ALL THE POSSIBILITIES BECAUSE GENERAL TRADERS CAN NEVER LEAD BUT HAVE TO FOLLOW MARKETS. ONE MORE DEVELOPMENT HAS TO BE KEPT IN MIND THAT INDIAN MARKETS MOVED DOWN YESTERDAY AFTER FORMING LOWER BOTTOM OF THIS RALLY. AS MOST OF THE STOCKS ARE SHOWING BUYING PATTERNS THEREFORE UPMOVE POSSIBILITIES ARE HIGH AND I AM ALSO EXPECTING CONTINUATION OF RALLY BUT FOR PRECAUTIONS COMING SESSIONS INTRADAY CHARTS ANALYSIS IS MUST. IF FOLLOW UP SELLING DOES NOT DEVELOP IN THE COMING SESSIONS AND NIFTY MAINTAINS ABOVE 4380 THEN ON GOING UPMOVE IS VERY MUCH SAFE BUT IT IS CONFIRM THAT NIFTY WILL PASS SOME MORE SESSIONS WITHIN THE RANGE OF 4380-4693. FOR CROSSING 4693 MARKET WILL TAKE SOME MORE TIME BECAUSE AS PER MY VIEW TOO MUCH CONSOLIDATION IS STILL LEFT. FOR MAINTAINING OF THIS RALLY 4450 SHOULD ALSO BE WATCHED BECAUSE IT IS GOOD SUPPORT AND NIFTY SUSTAINED ABOVE IT AFTER YESTERDAY FALL.
MORE OR LESS ALL THE ALOMOST ALL THE ASIAN MARKET ARE MOVING TRADING NEAR THEIR YESTERDAY CLOSING THEREFORE SENTIMENT IS CALM THEREFORE INDIAN MARKETS WILL OPEN FLAT AND WILL TRADE TODAY ACCORDING TO ITS MARKET POSITIONS BECAUSE TODAY IS LAST DAY OF DERIVATIVE SETTLEMENT.
AS MARKET HAS TO PREPARE FOR NEXT MOVE THEREFORE INTRADAY CHARTS ANALYSIS OF FIRST 3 HOURS ARE MUST FOR DECIDING NEXT MOVES AND TODAY CLOSING.
(LALIT KUMAR DHINGRA)
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