I told following lines last 2 days outlooks and must be kept in mind for next trend confirmations:-
Long term and Intermediate term trends are up. Short term trend is sideways between 5350-5550 for the last 37 sessions. Wave 3 is on from 13-07-2009 and its minimum target is 6359. No major resistance between 5550-6000 therefore Until Nifty does not sustain below 5350 till then any deeper correction can not be imagined.
Intraday charts of yesterday are showing consolidations and good support between 5350-5380. This range was already good suppot range and after yesterday consolidations more strenghtened. March 2009 rally is very much safe above it therefore has be watched always.
Very short term indicators are oversold therefore yesterday begun rally should remain continued today and expected that following resistances should be tested within 1 week:-
1- 5470-5495(Weak resistance and will be crossed within couple of sessions consolidations)
2- 5520-5545(Strong resistance and requires complete consolidations for its break out)
For today Support and Resistance levels are as follows:-
Support- 5384
Resistance 1- 5429
Resistance 2- 5454
Resistance 3- 5490
Positive opening and Green closing after almost whole day positive zone trading with minmum testing of Resistance 1 expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
