When Dow Jones was trading more than 175 points down then today Market Outlook was posted yesterday with the name of "Don't Panic from Global markets fall" and following lines were told:-
1- "up moves hopes from here are alive despite whatsoever weaker global markets cues and Indian markets bear phase entering many confirmations"
2- "Don't Panic from Global markets fall because last 4 sessions intraday charts are not concluding selling but on the contrary showing consolidations on 23-06-2011"
Last 4 sessions most time trading range is 5250-5320 and markets technicals above 5320 were also explained in following lines:-
"Crossing 5320 will be revival of first up move hope and confidence gaining will be after sustaining above 5356. Market has to struggle hard for up moves because multiple resistances between 5356-5605(long term up trend confirmation level)."
Sustaining above 5356 will be from recovering from 141 points 10 minutes fall of 20-06-2011 and will be confirmation of trend reversal as well.
As conclusion of consolidations from last 4 sessions intraday charts therefore more upmoves are expected today.