LONG TERM AND INTERMEDIATE TERM TRENDS ARE STILL UP AFTER YESTERDAY SHARP FALL AND AS I TOLD FOR INDIAN MARKETS REMAINING IN BROADER RANGE(4360-4720) SAME WAS MAINTAINED BY MARKET YESTERDAY. UNTIL NIFTY IS WITHIN THIS RANGE AND SUSTAINING ABOVE 4360 TILL THEN UP TRENDS ARE SAFE. AS GOOD SELLING AT HIGHER LEVELS THEREFORE FOR ANY UPMOVE GOOD CONSOLIDATION REQUIRES NEAR 4400 THEREFORE TRADING NEAR THIS LEVEL REQUIRES COMPLETE ATTENTION. IF NIFTY SUSTAINS ABOVE 4400 THEN WILL TRY TO TEST RESISTANCES AT HIGHER LEVELS AND IF NIFTY SUSTAINS BELOW 4400 AND MOVE BELOW 4360 THEN THAT WILL CERTAINLY BE REAL PROBLEMSOME FOR BULLISH MOVES BECAUSE WITH THIS INTERMEDIATE TERM TREND WILL TURN DOWNWARD AND INDIAN MARKETS WILL REMAIN IN DOWN TREND FOR LONGER PERIOD.
TODAY IS THE DAY WHEN INDIAN MARKETS WILL PREPARE FOR A MOVE BETWEEN 4370-4410 AND BREAK OUT OF THIS RANGE WILL BE THE FIRST SIGNAL FOR NEFT MOVE. AS PER MY VIEW TODAY IS A PREPERATION DAY AND GLOBAL CUES ARE ALSO QUIET THEREFORE AFTER FLAT OPENING NIFTY WILL TRADE FIRST BETWEEN 4370-4410 AND WHICH SIDE NIFTY WILL SUSTAIN ON THAT SIDE MOVES IN FOLLOWING MANNER WILL BE SEEN;-
1- ABOVE 4410 FAST MOVE MAY BE UPTO 4550 THEN THERE WILL BE RESISTANCES BETWEEN 4570-4600 AND THEN NEAR 4700.
2- BELOW 4370 IF NIFTY SUSTAINS BELOW 4360 THEN SHARP FALL WILL BE SEEN.
FOR NEXT TRADING SESSIONS WATCH 4370-4410 AND TRADE ACCORDING TO BREAK OUT OF THIS RANGE.
(LALIT KUMAR DHINGRA)
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