I TOLD CONTINUOUSLY BEFORE DEEPAWALI FOR CONSOLIDATION BETWEEN 5000-5125 BECAUSE:-
"SENTIMENT WAS HEATED ON DEEPAWALI AND INDICATORS WERE IN OVERBOUGHT ZONE THEREFORE SHORT TERM CORRECTION HAD BEEN DUE THEREFORE SHORT TERM CORRECTION AND CONSOLIDATION WAS SEEN LAST WEEK"
LONG TERM AND INTERMEDIATE TERM TRENDS ARE UP AND SHORT TERM IS DOWN. NOW INDICATORS ARE IN OVERSOLD ZONE AND INTRADAY CHARTS OF LAST 2 TRADING SESSIONS ARE SHOWING CONSOLADATION PATTERNS THEREFORE IT IS VERY MUCH EXPECTED THAT FRESH RALLY WILL BE SEEN IN THIS WEEK. LAST FRIDAY CANDLE IS BULLISH HARAMI(INDICATING SHORT TERM TREND REVERSAL) AND SHOWING INVERTED HAMMER(BULLISH PATTERN). INTRADAY CHARTS OF LAST 2 HOURS OF FTIDAY ARE ALSO SHOWING BUYING PATTERNS BETWEEN(4987-5010). F&O OPEN INTEREST ANALYSIS IS ALSO SHOWING BUYING IN LAST WEEK THEREFORE INDIAN MARKETS WILL NOT ONLY TEST HIGHS OF THIS RALLY BUT ALSO CROSS 5200 IN THE COMING SESSIONS.
AFTER US MARKETS WEAKNESS ASIAN MARKETS ARE POSITIVE TODAY MORNING THEREFORE INDIAN MARKETS WILL OPEN IN GREEN. IT IS EXPECTED THAT UPMOVES WILL BE SEEN AND INDIAN MARKETS WILL CLOSE IN GREEN WITH GOOD GAINS TODAY.
(LALIT KUMAR DHINGRA)
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