TECHNICAL INDICATORS WERE SHOWING POSITIVE MOVE BUT INDIAN MARKETS MOVED DOWN AFTER RBI MOVED DOWN AND CLOSED WITH NOMINAL LOSSES AFTER RBI REDUCTION OF GDP TARGETS. INDIAN MARKETS ARE TRADING WITHIN ASCENDING TRIANGLE FOR THE LAST 20 SESSIONS AND BOTTOM OF INCLINING TRENDLINE IS AT 4904. ALTHOUGH MARCH TRENDLINE HAS BEEN BREACHED DOWNWARD BUT NIFTY COULD NOT MOVE BELOW 4960 FOR THE LAST 3 TRADING SESSIONS AND CONTONUOUSLY GETTING SUPPORT NEAR IT. GLOBAL CUES ARE EXTREMELY WEAK TODAY MORNING AND SUPPORTS ARE AT 4940/4922/4904 WITHIN ASCENDING TRIANGLE BUT BELOW 4952 LOWER INCLINING LINE WILL BE BREACHED. MARCH TREND LINE AND ASCENDING TRIANGLE ARE DEPICTED IN THE FOLLOWING CHART:-
http://lh6.ggpht.com/_MdLrfnym5uc/SuZhmwKYnBI/AAAAAAAAASA/9gCk52na8Ao/s400/jcharts.png
IT IS A TESTING DAY TODAY WITHIN MOST BEARISH AND DEEP RED GLOBAL MARKETS THAT AT WHAT POINT NIFTY GETS SUPPORT. SHORT TERM IS DOWN AND INTERMEDIATE TERM WILL BE DOWN BELOW 4800 BUT LONG TERM TREND IS UP AND AT PRESENT IT IS EXPECTED THAT NIFTY WILL GET SUPPORT ABOVE 4800 AND UPTREND WILL REMAIN CONTINUED. THIS SHOULD BE KEPT IN MIND THAT BELOW 4800 WILL BE MOST HAZARDOUS TO MARCH 2009 RALLY AND IN THAT SITUATION WHOLE UPMOVE WILL BE IN QUESTION.
IF NIFTY SUSTAINS ABOVE 4904 AFTER GAP DOWN OPENING AND MOVE ABOVE 4952 THEN UPMOVE WILL REMAIN INTACT. IT WILL BE BETTER TO WAIT AND WATCH TODAY BECAUSE INDIAN MARKETS HAVE TO REACT TUMBLING GLOBAL MARKETS AND RBI CREDIT POLICY.
(LALIT KUMAR DHINGRA)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment