Dow,Futures is trading more than 175 points up today morning after Obama agreement with Republican congressional leaders on a compromise to avoid the nation's first-ever financial defaul therefore all the Asian markets are positive and some are more than 1.5% up also. Indian markets will also react to this encouraging news with strong opening
Nifty-EOD Chart(29-Jul-2011):-
Double Doji formations in last 2 sssions and Nifty traded between 5455-5520. Sustaining above 5520 after gap up opening today will ascertain the range bound market between 5454-5740 and strong support between last 2 sessions trading range.
Previous weak trading was under the shadow of US debt crisis and today trading will again be influenced by encouraging news of recovery from crisis therefore crossing and sustaining above first resistance(5560-5595) is must for up trend first confirmation.
Mood is bullish today morning therefore positive closing after gap up opening and whole day positive zone trading will be seen and next trend will be decided through sustaining beyond mentioned next resistance range.
Nifty-EOD Chart(29-Jul-2011):-
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Previous weak trading was under the shadow of US debt crisis and today trading will again be influenced by encouraging news of recovery from crisis therefore crossing and sustaining above first resistance(5560-5595) is must for up trend first confirmation.
Mood is bullish today morning therefore positive closing after gap up opening and whole day positive zone trading will be seen and next trend will be decided through sustaining beyond mentioned next resistance range.