Pre-Open Market Outlook(14-01-2011)

Infosys below expctations quarterly results triggered down moves yesterday and markets loosed all the previous days gains. Although some selling seen in first session but consolidation also sen within 5740-4785. Nifty got support within 5712-5740 on 12-01-2011 and also got support within 5740-4785. Sentiment is most derpressing now and until nifty not sustain below 5712 till then any down move will not be considered for the following reasons:-

1- 4 Sessions down moves are not showing genuine selling but pattern is Water Fall formations and it is bullish pattern.(shown in 10 days intraday chart)
2- Last 3 days support within 5712-5785

10 days intraday chart:-

(Just click on chart for its enlarged view)

Yesterday down move was news based on the back of Infosys below expctations quarterly results and also lower levels consolidation seen even after yesterday down moves and amid depressing sentiments also therefore until Nifty will not sustain below 5712 till then bullish expectations will remain alive.

Yesterday intraday trading range(5738-5858) will be next move decider and sustaining beyond will give next moves confirmations therefore will be watched first for deciding next immediate moves.