INDIAN MARKETS ARE RANGE BOUND(4350-4500) FOR THE LAST 3 DAYS AT THE LOWER LEVELS OF BROADER RANGE(4360-4720) AFTER GOOD SELLING AT HIGHER LEVELS. INTRADAY CHARTS FORMATIONS WITHIN THIS RANGE WILL GIVE FIRST INDICATION AND BREAK OUT OF THIS RANGE WILL GIVE CONFIRMATION OF NEXT MOVE. ALTHOUGH SOME SELLING WITHIN LAST 3 DAYS RANGE BUT NOT SUFFICIENT THEREFORE IT IS EXPECTED THAT NIFTY WILL PASS FEW MORE SESSIONS WITHIN THIS RANGE AND PREPARE FOR NEXT MOVE. SELLING OF NEXT SESSIONS WITHIN THIS RANGE WILL MEAN SHARP FALL TO TEST 4200 AND BUYING WILL MEAN SLOW UP MOVE WITH CONSOLIDATION. MONSOON,SWINE FLU AND GLOBAL MARKETS WILL DECIDE NEXT BIG MOVES AND BREAK OUT OF BROADER RANGE OF INDIAN MARKETS.
I AM TELLING FOR THE LAST FEW SESSIONS FOR THE LOWER LEVEL OF 4360 AND NIFTY GOT INTRADAY SUPPORT EXACTLY AT THIS LEVEL YESTERDAY. AS MARKET IS RANGE BOUND AND PREPARING THEREFORE CONFIRMATION OF POSITIONS FROM TODAY INTRADAY CHARTS FORMATIONS ARE MORE IMPORTANT THAN TODAY CLOSING. FINAL CONCLUSIONS WILL BE POSTED AFTER CONFIRMATIONS EITHER FOR RED/ GREEN CLOSING OR MARKET PREPERATIONS.
(LALIT KUMAR DHINGRA)
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