Pre-Open Market Outlook(26-04-2011)

All trends are up,weekly MACD has given rally confirmation and Pennant pattern formation is also giving confirmation to continuation on going bullish. It is clear that Indian markets are technically well prepared for rally but intra day charts of last 2 sessions are showing distribution patterns therefore very short term down move is due and will be seen today.

Next support range is between 5785-5805 therefore Nifty will first trade between 5805-5880 today. Confirm narrow range selling in last 2 sessions,market market require fresh consolidation for a rally above 5912 and follow up selling today will mean deeper correction to test mentioned first support range.

Nifty will first hover around 5865 after Weak opening today and prepare for next moves. First expected trading range is 5840-4880. Most of the time negative zone trading and Red closing expected today