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 a sfollows:-
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)
All trends are up and only it was to be decided that new top formations will be after short term correction of before any further correction. As last 3 sessions got selling confirmations therefore firstly correction then consolidation and after that new top formation will be seen and above mentioned supports testing possibility can not be ruled out. Intermediate term up trend is safe above 5932.
Correction commencement expected from today and Red closing will be seen after weak opening today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
