I told in Muhurat Trading Outlook:-"Forceful break out and sustaining above 6350 is must for strong rally above new high"
It was told in Pre-Open Market Outlook(09-11-2010):-
2- Sentiment extremely bullish threrefore previous top(6357) break out should be with force.
3- Sentiment heated therefore intraday or very short term 1/2% corrections can be seen any day and it may be a part of consolidation also
4- until complete selling patterns will not develop till then even short term correction will not be considered.
It was told in Pre-Open Market Outlook(11-11-2010):-
Last 3 days trading range is 6245-6310 and intraday charts are suggesting selling at the top of range within 6275-6310 and testing of lower levels of range(6245-6265) is expected. Breaking down of 6245 expected after getting selling confirmations from last 3 sessions intraday charts. Next supports are as follows:-
1- 6245-6260(Support but not strong)
2- 6150-6170(Support but not strong)
3- 6100-6130(Support but not strong)
4- 5932-5995(Strong Support)
6350 was not broken by force therefore correction was seen yesterday
6245 broken by force yesterday and next support ranges have been given and their strength has also been mentioned as well as their testing possibility can not be ruled out. Short term correction is confirmed now and market requires complete consolidations for fresh upmoves. Above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Nifty moved down with Fountain pattern yesterday and it is consolidation pattern but confirmation required. If consolidatiom will be visible today then correction completion will be considered otherwise continuation of down moves to test above mentioned levels will be seen.
2nd support range 6150-6170 testing is expected today and next moves will be decided and posted according to intraday trading patterns.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
