Technically Indian markets are well prepared for a strong rally but sentiment is completely depressed due to below 10% guidance by Infosys after below expectation results. As Infosys is having negative impact on other heavy weight IT stocks performance also therefore all are weak and showing negative impact on benchmark Indices.
Gap up opening not seen because Infosys is more than 9% down and other IT stocks are also in Red. Although Indian markets are in Green and most stocks are also positive but island reversal pattern could not get consirmation because gap up opening above 5305.30(top of gap) not seen today.
Benchmark Indices are positive but CNX IT index is more than 5% down today morning and sustaining beyond gap of 09-04-2012(5287.90-5305.30) will be firstly watched for next trend confirmations. As Nifty is trading between mentioned gap immediately after opening today therefore just watch sustaining it beyond for next trend confirmation.
Gap up opening not seen because Infosys is more than 9% down and other IT stocks are also in Red. Although Indian markets are in Green and most stocks are also positive but island reversal pattern could not get consirmation because gap up opening above 5305.30(top of gap) not seen today.
Benchmark Indices are positive but CNX IT index is more than 5% down today morning and sustaining beyond gap of 09-04-2012(5287.90-5305.30) will be firstly watched for next trend confirmations. As Nifty is trading between mentioned gap immediately after opening today therefore just watch sustaining it beyond for next trend confirmation.