INDIAN MARKETS FALL SHARPLY YESTERDAY AND FIRST TIME IN LAST 4 WEEKS I CLEARLY I EXPRESSED MY DOUBTS ON RALLY IN THESE WORDS:-
"ALTHOUGH ALL WHOLE SCENE IS BULLISH BUT UPTREND CONFIRMATION IS MUST UNDER THE SHADOW OF SWINE FLU FEAR AND IT WILL COME WHEN NIFTY WILL SUSTAIN ABOVE 4720. AS PER MY VIEW THE RANGE OF 4630-4720 WILL DECIDE NEXT TREND AND POSITIONS SHOULD BE MADE ACCORDING TO THE BREAKING OUT POSSIBILITIES OF THIS RANGE"
GENUINE SELLING FORMATIONS WERE SEEN YESTERDAY AND LAST HOURS FALL WAS SO FAST THAT IT TRAPPED BUYERS AND DID NOT GIVE CHANCE TO SELL YESTERDAY. INDIAN MARKETS CLOSED YESTERDAY BELOW 5 DAYS LOWEST AND SHORT TERM CORRECTION HAS BEEN STARTED WITH YESTERDAY DOWN MOVE. ALTHOUGH MORE FALL EXPECTED IN COMING SESSIONS BUT HIGH VOLTALITY WILL BE SEEN.
AS GLOBAL MARKETS ARE ALSO WEAK TODAY THEREFORE WEAK OPENING,FIRSTLY RED ZONE TRADING AND HUGE VOLTALITY WILL BE SEEN. MARKETS MAY MOVE INTO POSITIVE AREA OR CLOSE ALSO IN GREEN BUT THAT WILL NOT MEAN AT PRESENT THAT UP MOVE HAS BEEN STARTED BECAUSE AFTER YESTERDAY GOOD SELLING MORE DOWN MOVES ARE CONFIRM.
RED OPENING AND RED CLOSING IS EXPECTED TODAY BUT SELLING SHOULD BE DONE AFTER FRESH SELLING FORMATIONS.
(LALIT KUMAR DHINGRA)
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