Pre-Open Market Outlook(21-01-2011)
As Weekly,EOD and intraday charts are not suggesting bearish markets therefore no weakness projections were posted even yesterday when all the global markets were in deep Red but on the contrary bullish indications were given in following words:-
1- Pre-open outlook- View is bullish for the reasons expressed in last 3 days outlooks
2- Post-open outlook(10:42 am)- Indian markets out performing global markets today
Nifty traded most of the time within 5630-5745 in last 4 sessions snd this range break out will decide survival of 200 Day EMA and long term trend of Indian markets therefore intraday positions within this range of last 5 sessions shown in following intraday chart:-
1- 5 days intraday chart:-
(Just click on chart for its enlarged view)
As base formation seen at lower levels therefore finally upside break out of last 4 days range expected as well as long term up trend will also survive and also expected that strong rally will be seen after mentioned range break out and completion on intermediate term correction.
Opening will depend on global cues and expected that Nifty will sustain above 5700 finally and Green closing will be seen today.