SENTIMENT WAS EXTREMELY HEATED ON DEEPAWALI THEREFORE I WAS NON STOP TELLING FOR DOWN MOVE FROM HIGHER LEVELS AND CONSOLIDATION BETWEEN 5000-5125 AND NIFTY MOVED DOWN FINALLY AS WELL AS TESTED 5000 YESTERDAY. THIS SHOULD BE KEPT IN MIND THAT LONG TERM AND INTERMEDIATE TERM TRENDS ARE UP AND ONLY SHORT TERM TREND ID DOWN. I TOLD FOR SUPPORT AT 4980 YESTERDAY BUT SENTIMENT AGAIN HEATED AFTER CONGRESS VICTORY IN ASSEMBLY POOLS THEREFORE NIFTY MOVES BELOW 4980 IN CONSOLIDATION PROCESS, AS PER MY VIEW NIFTY CONSOLIDATED WITHIN 4970-5000 YESTERDAY AND FOR UPMOVE FROM HERE MORE CONSOLIDATION REQUIRES IN THE COMING SESSIONS. IF IT HAPPENS THEN INDIAN MARKET WILL SHOOT UP IMMEDIATELY AFTER THE COMPLETION OF CONSOLIDATION. IT HAS TO WATCH TODAY THAT IF NIFTY CONSOLIDATES ABOVE 4970 AND SUSTAINS ABOVE 5000 IN THE COMING SESSIONS THEN THIS RANGE(4970-5000) WILL BE GOOD SUPPORT OF THIS RALLY AND NEXT TRADING RANGE WILL BE 4970-5180. IF IT HAPPENS IN THE COMING COUPLE OF SESSIONS THEN NIFTY WILL CROSS 5180 AFTER COMPLETION OF SHORT TERM CORRECTION AND WILL TEST PLUS 5200 LEVELS.
GOOD SELLING AT HIGHER LEVELS(BELOW 5180) AND CONSOLIDATION WITHIN 4970-5000 WILL MAKE INDIAN MARKETS RANGE BOUND(4970-5180) AND UP SIDE BREAK OUT WILL CONTINUE ON GOING RALLY AND DOWN SIDE BREAK OUT WILL MEAN TESTING OF 4800. IT IS EXPECTED THAT INDIAN MARKETS WILL CONSOLIDATE IN THE COMING SESSIONS AND WILL FINALLY CROSS 5180 TO TEST PLUS 5200 LEVELS.
IT IS EXPECTED THAT INDIAN MARKETS WILL CONSOLIDATE AFTER POSITIVE OPENING AND WILL CLOSE IN GREEN ON 23-10-2009.
(LALIT KUMAR DHINGRA)
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