Pre-Open Market Outlook(08-03-2011)
Long term trend is down and short term trend is up and turning down. Intermdiate term trend is sideways and will be confirm down after Nifty sustaining below 5520. Nifty is range bound within 5200-5600 for the last 25 sessions and 2 times touched the top of range and also 2 times tested bottom of the range. Mentioned markets moves have alreay been shown in the EOD chart which was posted yesterday in Weekly Analysis.
Confirm down moves have been started after whole day genuine selling within 5540-5580 last Friday and it is also confirm that any up move will only be considered after Nifty sustaining above 5580 only. Market require complete consolidation to cross 5580 and that is not seen yet despite good recovery from lower levels yesterday. As good recovery from lower levels yesterday therefore Bullish hammer candle formation but yesterday intraday charts are suggesting selling after gap down opening yesterday. Technical positions of last 3 days are shown in following intraday charts:-
1-3 days Intraday Chart
Nifty will firstly hover around near 5450 after flat to weak opening and expected that Nifty will dip below 5400 in the coming couple of sessions after development of fresh selling today and finally Indian markets will close in Red today.