LONG TERM TREND IS UP,SHORT TERM IS DOWN AND INTERMEDIATE TERM IS UP ABOVE 4360 AND IF NIFTY SUSTAINS BELOW IT THEN WILL BE DOWN. INDIAN MARKETS ARE TRADING WITHIN BROADE RANGE OF (4360-4720) AND THIS RANGE BREAK OUT WILL GIVE BIG MOVE TO INDIAN MARKETS. GOOD SELLING AT HIGHER LEVELS THEREFORE COMPLETE CONSOLIDATION IS REQUIRED FOR ANY UPSIDE BREAK OUT. ALTHOUGH MY VIEW IS BEARISH BUT WOULD LIKE TO GET MORE CONFIRMATIONS AND IF FRESH SELLING DEVELOPES THEN MORE DOWN MOVES AND BREAK DOWN POSSIBILITIES OF 4380 WILL INCREASE.
IT IS EXPECTED THAT TODAY TRADING RANGE WILL BE 4360-4485 AND 4420-4485 WILL GIVE FIRST INDICATION TO INDIAN MARKETS NEXT MOVE. I AM EXPECTING DOWN MOVES AFTER SOME RANGE BOUND TRADING IN THE COMING SESSIONS. FLAT OPEN AND AFTER THAT TRADING WITHIN 4420-4485 IS EXPECTED. FOR TODAY MORE IMPORTANT IS INTRADAY CHARTS FORMATION BECAUSE THAT WILL GIVE DIRECTION TO NEXT BIG MOVE. AS MARKET IS IN PREPERATION MODE AND CONFIRMATION IS REQUIRED FROM INTRADAY CHARTS FOR NEXT MOVE THEREFORE ANALYSIS OF FIRST 3 HOURS INTRADAY CHARTS IS MUST FOR DECIDING NEXT MOVE.
(LALIT KUMAR DHINGRA)
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