Although US markets closed with marginal losses yesterday but Dow's futures is more than 150 points down and resultant Asian markets are also .65% to 2.1% down today morning.
Crashing Global cues again today therefore Nifty will trade between last support range(4745-4800) of previous 63 sessions range and finally sustaining below 4745 will mean breaking down of 63 sessions range as well as 2 years structure breaking down below 4720.
Finally sustaining below 4720 should be watched today and in the coming sessions because its survival will decide long term trend. 63 Sessions range was broken out(above 5229) after Diwali-2011 after good news from Greece but markets could not sustain above and again slipped into 63 sessions after flow of negative news from Europe. Now breaking down risk of 4720 therefore sustaining beyond 4720 will be cautiously watched in the coming sessions because its survival will depend on news from Europe also.
Sustaining beyond last support range(4745-4800) should be firstly watched amid depressing global sentiment today.
Crashing Global cues again today therefore Nifty will trade between last support range(4745-4800) of previous 63 sessions range and finally sustaining below 4745 will mean breaking down of 63 sessions range as well as 2 years structure breaking down below 4720.
Finally sustaining below 4720 should be watched today and in the coming sessions because its survival will decide long term trend. 63 Sessions range was broken out(above 5229) after Diwali-2011 after good news from Greece but markets could not sustain above and again slipped into 63 sessions after flow of negative news from Europe. Now breaking down risk of 4720 therefore sustaining beyond 4720 will be cautiously watched in the coming sessions because its survival will depend on news from Europe also.
Sustaining beyond last support range(4745-4800) should be firstly watched amid depressing global sentiment today.