I CLEARLY TOLD FOR THE LAST 2 DAYS THAT INDIAN MARKETS ARE RANGE BOUND WITHIN BROADER RANGE(4360-4720) AND ALSO GAVE LAST 3 DAYS RANGE(4350-4500). AS I TOLD NIFTY TRADED WHOLE DAY WITHIN LAST 3 DAYS RANGE YESTERDAY AND PASSED MOST OF THE TIME WITHIN 4350-4390. BREAKING OUT BY FORCE AND SUSTAINABILITY OF FOLLOWING RANGES WILL FIRST GIVE INDICATION AND THEN FINAL CONFIRMATION OF NEXT MOVES;-
1- YESTERDAY RANGE(4350-4390)
2- LAST 4 DAYS RANGE(4350-4500)
3- LAST 24 SESSIONS BROADER RANGE(4360-4720)
AS GLOBAL CUES ARE MIXED THEREFORE AFTER FLAT TO WEAK OPENING NIFTY WILL TRADE FIRST WITHIN YESTERDAY RANGE AND PREPARE FOR NEXT MOVES. MY VIEW IS BEARISH AND EXPECTING RED CLOSING TODAY BECAUSE INTRADAY CHARTS OF MANY STOCKS OF YESTERDAY ARE SHOWING SELLING PATTERNS THEREFORE IF NIFTY SUSTAINS BELOW 4350 THEN SOME DOWN MOVES AND TESTING OF LOWER LEVELS OF BROADER RANGE WILL BE SEEN.
(LALIT KUMAR DHINGRA)
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PRE-OPEN MARKET OUTLOOK(21-08-2009)-WITH CORRECTIONS
ReplyDelete(09:34 AM)
I CLEARLY TOLD FOR THE LAST 2 DAYS THAT INDIAN MARKETS ARE RANGE BOUND WITHIN BROADER RANGE(4360-4720) AND ALSO GAVE LAST 3 DAYS RANGE(4350-4500). AS I TOLD NIFTY TRADED WHOLE DAY WITHIN LAST 3 DAYS RANGE YESTERDAY AND PASSED MOST OF THE TIME WITHIN 4450-4490. BREAKING OUT BY FORCE AND SUSTAINABILITY OF FOLLOWING RANGES WILL FIRST GIVE INDICATION AND THEN FINAL CONFIRMATION OF NEXT MOVES;-
1- YESTERDAY RANGE(4450-4490)
2- LAST 4 DAYS RANGE(4350-4500)
3- LAST 24 SESSIONS BROADER RANGE(4360-4720)
AS GLOBAL CUES ARE MIXED THEREFORE AFTER FLAT TO WEAK OPENING NIFTY WILL TRADE FIRST WITHIN YESTERDAY RANGE AND PREPARE FOR NEXT MOVES. MY VIEW IS BEARISH AND EXPECTING RED CLOSING TODAY BECAUSE INTRADAY CHARTS OF MANY STOCKS OF YESTERDAY ARE SHOWING SELLING PATTERNS THEREFORE IF NIFTY SUSTAINS BELOW 4450 THEN SOME DOWN MOVES AND TESTING OF LOWER LEVELS OF BROADER RANGE WILL BE SEEN.
(LALIT KUMAR DHINGRA)