104 Points(5323-5219) gap up opening on 28-10-2011 and after that Nifty traded 2 days with mixed intraday patterns within 5318-5365. Profit booking possibility was told for both previous outlooks and it was seen also and negative zone trading will be seen in Indian markets today after weaker global cues.
Daily Indicators and Averages Chart:-
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1- Selling between 5340-5265
2- Condolidation Patterns between 5318-5345
3- Last 2 days trading between 5318-5365
Conclusions
672 Points rally in last 16 sessions and all the short term oscillators are overbought therefore its correction will be seen after higher levels profit booking and Red global markets. Correction may be range bound or some down moves may be seen and if 104 Points gap of 28-10-2011 does not filled up in this correction and Nifty finally sustains above 5219 then blasting rally will be seen in Indian markets after expected correction completion.
As mixed intraday patterns in both previous sessions therefore firstly sustaining below 5318 should be watched first after weak opening today and following 2 supports will be also watched first for completion of expected today correction:-
1- 5306
2- 5287