ALL TRENDS ARE UP. INDIAN MARKETS BROKEN OUT 3 MONTHS RANGE ON 07-09-2009 AND IT IS MOST BULLISH SIGNAL FOR INDIAN MARKETS. IF NIFTY SUSTAINS ABOVE 4750 IN THE COMING COUPLE OF SESSIONS THEN THAT WILL BE CONFIRMATION OF 3RD WAVE MOVEMENT AND ITS MINIMUM TARGETS I HAVE ALREADY DESCRIBED IN MY PREVIOUS OUTLOOKS.
NIFTY TRADED BETWEEN 3790-3840 YESTERDAY AFTER GAP UP OPEN BUT COULD NOT SUSTAINED AT HIGHER LEVELS AFTER SOME PROFIT BOOKING AND CLOSED NEAR LOWER LEVELS. ALTHOUGH US MARKETS CLOSED POSITIVE YESTERDAY BUT ASIAN MARKETS ARE IN RED THEREFORE SENTIMENT DAMPENED TODAY MORNING AND NIFTY SHOULD TRADE FIRST NEAR 4800 AFTER ALMOST FLAT OPENING TODAY. AS SOME PROFIT BOOKING WAS SEEN AT HIGHER LEVELS YESTERDAY THEREFORE CONSOLIDATION REQUIRES IN THE COMING SESSIONS. IT IS EXPECTED THAT NIFTY WILL FIRST CONSOLIDATE NEAR 4800 AND AFTER THAT MOVE UP TOWARDS 4840 AND WILL MOVE UP FINALLY AFTER SOME CONSOLIDATION NEAR 4840.
GREEN CLOSING IS EXPECTED AFTER ALMOST FLAT OPENING BUT INDIAN MARKETS HAVE TO CONSOLIDATE TODAY THEREFORE TODAY MARKET PREPERATIONS AND POSITIONING IS MORE IMPORTANT BECAUSE DURING CONSOLIDATION MARKETS MAY MOVE,TRADE AND CLOSE ALSO IN NEGATIVE ZONE BUT INTRADAY CHARTS BULLISH FORMATIONS ARE MORE IMPORTANT FOR COMING UP TRENDS.
IT IS EXPECTED THAT INDIAN MARKETS WILL CONSOLIDATE NEAR ABOUT YESTERDAY RANGE IN THE COMING SESSIONS AND NIFTY WILL FINALLY TRADE AND SUSTAIN ABOVE 4840. UNTIL NIFTY IS ABOVE 4750 UPTREND IS VERY MUCH SAFE.
(LALIT KUMAR DHINGRA)
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