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5932 will Decide Match

Pre-Open Market Outlook(24-11-2010)

Long term trend is up,Short term trend is down and Intermediate term trend is sideways.

Wave 3 started from 3919 on 13-07-2009 and could not test its minimum target(6359). Nifty retraced after travelling 2440 points as well as shortened by 20 points to test its minimum target. On going leg started on 31-08-2010 from 5349 and short term correction started from 6339 after gaining 990 points. Short term correction started after good selling formations at higher levels in daily and intraday charts therefore good consolidations required at lower levels

5932 had been strong support and again prooved its strength in last 4 sessions through Nifty not sustaing below it despite 3 times breaking it down. Following 3 formations have also been developed therefore correction completion near 5932 will be considered if Nifty does not sustain below 5932:-

1- Falling channel formation in last 5 sessions intraday charts and it is bullish pattern.
2- Expanding triangle formations in daily charts. It is continuation pattern and showing on going uptrend continuation.
3- Short term indicators are oversold and signalling very short term upmove.
4- Yesterday candle is bullish hammer.
5- Supports at lower levels in last 4 sessions.

1- Falling Channel IN Last 5 Days Intraday Chart-
2- Expanding Triangle Formation chart-
As patterns emergrd therefore explained with this conclusion that 5932 should be watched and if Nifty sustains below it then be bearish for fresh down moves toward 200 Day EMA and if Nifty could not sustain below then crossing 6015 will be correction completion confirmation and first of all maket will be understood range bound within 5900-6330.

Dow is trading more than 150 points down therefore weaker Asian markets expected today morning and Nifty sustaining below or above 5932 should be watched for next move confirmations in the coming couple of sessions. My view is turning bullish after watching mentioned consolidation foemations. Today opening,and closing may be weak but intraday patterns showing consolidations despite weakness will turn view bullish for fresh upmoves.
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