ALL TRENDS ARE UP AND INDIAN MARKETS CLOSED WITH GOOD GAINS YESTERDAY ON THE BACK OF STRONG GLOBAL CUES. I AM CONTINUOUSLY TELLING FOR THE LAST MANY SESSIONS AND ALSO EXPRESSED IN DETAILS THAT INDIAN MARKETS ARE RANGE BOUND FOR THE LAST THREE MONTHS AND NEXT CONFIRMATION WILL COME AFTER BREAK OUT OF THIS RANGE. UNTIL NIFTY IS WITHIN TRADING RANGE TILL THEN TRADING TARGETS SHOULD BE WITHIN RANGE AND STOP LOSS MUST BE STRICTLY KEPT A LITTLE ABOVE TRADING RANGE(FOR SHORT SELLERS) AND A LITTLE BELOW TRADING RANGE(FOR BUYERS). MORE BROADER TRADING RANGE IS (3919-4731) AND LESS BROADER TRADING RANGE IS (4353-4731).AS INDIAN MARKETS GOT SEVERAL TIMES VERY GOOD SUPPORT NEAR 4360 THEREFORE 4353-4731 SHOULD BE USED FOR TREND CONFIRMATIONS.
NIFTY TRADED WITHIN 4600-4645 MOST OF THE TIME YESTERDAY AND SHOULD TRADE FIRST WITHIN THIS RANGE TODAY AFTER LITTLE WEAK OPENING. AS ALL TRENDS ARE UP AND IF NIFTY CONSOLIDATES WITHIN THIS RANGE TODAY THEN IT WILL BE STRONG SIGNAL FOR CONTINUATION OF ON GOING UP MOVES. AS PER MY VIEW TODAY INTRADAY CHARTS WITHIN YESTERDAY RANGE WILL BE CRUCIAL TO DECIDE NEXT MOVES. VERY CLEARLY IF NIFTY SUSTAINS FINALLY ABOVE 4645 THEN WILL TEST 4731 AND STRONG RALLY ABOVE 4731 POSSIBILITIES WILL ALSO INCREASE. IF NIFTY SUSTAINS BELOW 4600 THEN LEVELS NEAR 4353 MAY BE TESTED.
AS MARKETS ARE RANGE BOUND AND HAVE TO PREPARE FOR A MOVE THEREFORE FIRST 2-3 HOURS INTRADAY CHARTS ANALYSIS IS MUST FOR DECIDING NEXT MOVES AND TODAY CLOSING. AS AND WHEN FINAL CONCLUSIONS WILL BE DRAWN WILL BE POSTED ACCORDINGLY IN MID-SESSION OUTLOOKS. FOR CONFIRMATION OF NEXT VERY SHORT TERM TREND 4600-4645 SHOULD WATCHED.
(LALIT KUMAR DHINGRA)
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