Following line was told in Post-closing Report(25-03-2011) & Monday Outlook:-
"21st March 2011 started rally minimum target is 5911"
More than 10 times only 5900 was told after above line and rally halted exactly at 5900 and Nifty is hovering it around for the last 3 days.
Sentiment were heated,Indicators were overbought and 596 points rally seen in 12 sessions therefore correction was natural and being seen for the last 3 days. Market may correct in narrow range or little deeper down moves and it will be decided through last 3 days broader range(5855-5945). Next moves after break out of last 3 days range(5855-5945) will be as follows:-
1- Crossing and sustaining above 5945 will mean 6120 fast
2- Slipping and sustaining below 5855 will mean deeper correction.
Market is not prepared for any side moves and will take its own time in this process. Global cues are quiet today morning and Nifty will trade first within 5870-5915. Technical positions within both ranges have alreay been discussed yesterday in "Post-closing Report(07-04-2011) & Tomorrow Outlook" and not being repeated today.
As I told in last 3 days same is repeating today that let market prepare then final conclusions will be drawn from intraday patterns. Last 3 days closing is also almost flat without much gains or loss. Real moves will be seen after break out of mentioned ranges therefore will be better to wait for its happening and next real moves confirmations.
"21st March 2011 started rally minimum target is 5911"
More than 10 times only 5900 was told after above line and rally halted exactly at 5900 and Nifty is hovering it around for the last 3 days.
Sentiment were heated,Indicators were overbought and 596 points rally seen in 12 sessions therefore correction was natural and being seen for the last 3 days. Market may correct in narrow range or little deeper down moves and it will be decided through last 3 days broader range(5855-5945). Next moves after break out of last 3 days range(5855-5945) will be as follows:-
1- Crossing and sustaining above 5945 will mean 6120 fast
2- Slipping and sustaining below 5855 will mean deeper correction.
Market is not prepared for any side moves and will take its own time in this process. Global cues are quiet today morning and Nifty will trade first within 5870-5915. Technical positions within both ranges have alreay been discussed yesterday in "Post-closing Report(07-04-2011) & Tomorrow Outlook" and not being repeated today.
As I told in last 3 days same is repeating today that let market prepare then final conclusions will be drawn from intraday patterns. Last 3 days closing is also almost flat without much gains or loss. Real moves will be seen after break out of mentioned ranges therefore will be better to wait for its happening and next real moves confirmations.