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Pre-Open Market Outlook(24-03-2011)


Pennant formation in EOD chart and its break out will give first strong indication of next Indian markets moves and confirmation points will be sustaining beyong 5400 or 5600.

1- EOD chartshowing Pennant Pattern:-
Just click on chart for its enlarged view
US markets closed with good gains yesterday therefore Asian markets are positive today morning. It seens that global markets have recovered from Middle-East and Japanese shocks and now started up moves. Indian markets tolerated worst news and maitained within last 38 sessions range(5200-5600).

Technical positions,Supports,Resistances and levels have already been discussed in "Post-closing Report(23-03-2011) & Tomorrow Outlook" therefore not being repeated today.

Next moves deciding range is 5455-5535. Immediate resistances above 5500 and immediate supports below 5500 also. Nifty will hover around 5500,prepare for next moves and sustaining above or below will be next moves first indication. Let market prepare for next moves and get first indication after crossing of 5455-5535.
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