Mid-session outlook(08-03-2011)
Trading in last 2 sessions:-
1-04-03-2011- Selling begun from 5608
2-07-03-2011- Buying begun from 5410
Today up moves are due to following positive developments:-
1- Green trading Asian markets
2- Dow's Futures is trading 35 points up
3- Crude slipped and closed at day's low yesterday.
Last two days trading range is 5410-5608 and Nifty is trading almost in the middle at 5510 at this moment. Indian markets will respond and will give its judgement on Libya and UPA issues through break out of this range and will prepare within this range today to respond mentioned irritating issues in the coming sessions.
Today and coming sessions trading within 5400-5600 is crucial and its break out will give certificate to long term and intermediate term trends as well as trending market will begin after its break out. I would like add here that 5540-5580 is strong resistance and until that will not clear till then any up move will not be imagined and fresh selling development below it will be confirmation of more down moves. Market require complete consolidation firstly below and then within mentioned resistance range for a sustained up move above 5600.
Indian Markets all Trends Decider Range is 5400-560 and watch its break out for all confirmations