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Mid-session Outlook(23-10-2012)

As more than 6 hours trading within 5692-5721 in last 2 sessions with intraday selling formations therefore Nifty traded most time negative within this range today. Long Term and Intermediate term trends are up and follow up selling is must within this range today for deeper correction. 

Last 2 hours again trading today within above mentioned range. As selling in last 2 days therefore Indian markets slipped today from intraday higher levels and correction continuation  possibility is alive through slipping below 5692. Follow up moves and forceful break out of above mentioned range should be firstly watched today because that will give strong indication of next trend.