Rally was expected after Budget today but as soon as selling developed then it was updated in all the 3 Mid-Sessions Outlook. We cautioned at 12:29 PM when Nifty was above 5400 in our first Outlook of today and told following lines:-
As selling seen today therefore view turned cautious despite whole day positive market today and equally fresh consolidation is firstly required within yesterday range for moves above 5444.
Nifty Intraday Chart from "nseindia.com"(at 12:29PM on 16-Mar-2012):-
It is clear from the above chart that when Nifty was trading at 5400.45 then we clearly told for selling and cautioned also at 12:29PM on 16-Mar-2012
As selling seen today therefore view turned cautious despite whole day positive market today and equally fresh consolidation is firstly required within yesterday range for moves above 5444.
Nifty Intraday Chart from "nseindia.com"(at 12:29PM on 16-Mar-2012):-
It is clear from the above chart that when Nifty was trading at 5400.45 then we clearly told for selling and cautioned also at 12:29PM on 16-Mar-2012