Pre-open Outlook(25-11-2011)
Strong rally after two day lower levels consolidation yesterday but last half hour mixed intraday patterns were also seen between 4748-4767 therefore more consolidation is firstly required today to cross mentioned range.
All the Asian markets are flat to 1% down today therefore sentiment is moderately weak today morning and Nifty will trade between 4720-4767 for preparation of next moves. Finally up moves are expected after fresh consolidation today and next moves consirmation range is 4720-4667. Importance of these two levels are as follows:-
1- 4720 is previous 64 sessions lowest and finally sustaining below 4720 will mean range breaking down.
2- 4767 is highest of yesterday last half hour mixed intraday patterns and finally sustaining above will be selling absorbing and consolidation confirmation as well as yesterday started rally continuation confirmation also.
Strong rally after two day lower levels consolidation yesterday but last half hour mixed intraday patterns were also seen between 4748-4767 therefore more consolidation is firstly required today to cross mentioned range.
All the Asian markets are flat to 1% down today therefore sentiment is moderately weak today morning and Nifty will trade between 4720-4767 for preparation of next moves. Finally up moves are expected after fresh consolidation today and next moves consirmation range is 4720-4667. Importance of these two levels are as follows:-
1- 4720 is previous 64 sessions lowest and finally sustaining below 4720 will mean range breaking down.
2- 4767 is highest of yesterday last half hour mixed intraday patterns and finally sustaining above will be selling absorbing and consolidation confirmation as well as yesterday started rally continuation confirmation also.