Pre-open Outlook(24-11-2011)
Global melting down is continued and all the Asian markets are in Red today after US markets more than 2% down closing yesterday. Sentiment is dampened today also because some markets are more than 1.00% down and resultant weak opening will be seen in Indian markets.
Nifty slipped and closed below 64 sessions trading range lowest(4720) yesterday but intraday support was seen between 4644-4678 and its breaking down will be confirmation of 64 sessions trading range breaking down also as well as termination of all bullish expectations.
Sustaining below 4720 will mean breaking down of 2 yesrs structure and in that situation much deeper down moves will be seen therefore its confirmation is must through sustaining below yesterday support range(4644-4678)
Expected that Nifty will firstly trade between yesterday support range(4644-4678) after weak opening and prepare for next decisive moves today and finally sustaining beyond 4644 will give confirmation to next long term trend.
Just watch sustaining beyond 4644 for next long term trend confirmations.
Global melting down is continued and all the Asian markets are in Red today after US markets more than 2% down closing yesterday. Sentiment is dampened today also because some markets are more than 1.00% down and resultant weak opening will be seen in Indian markets.
Nifty slipped and closed below 64 sessions trading range lowest(4720) yesterday but intraday support was seen between 4644-4678 and its breaking down will be confirmation of 64 sessions trading range breaking down also as well as termination of all bullish expectations.
Sustaining below 4720 will mean breaking down of 2 yesrs structure and in that situation much deeper down moves will be seen therefore its confirmation is must through sustaining below yesterday support range(4644-4678)
Expected that Nifty will firstly trade between yesterday support range(4644-4678) after weak opening and prepare for next decisive moves today and finally sustaining beyond 4644 will give confirmation to next long term trend.
Just watch sustaining beyond 4644 for next long term trend confirmations.