Post-open Outlook(06-10-2015)
Intermediate and Short Term trends have turned up after previous 4 sessions rally and Nifty failed to test today Long Term Trend decider 200 Day EMA(8185) and slipped after opening high formation at 8180.95. As short term indicators are overbought after on going rally therefore Very Short Term Correction/intraday correction may be seen any day but until compete selling patterns will not develop till then decisive down moves will not be seen.
27 Sessions trading range(7540-8092) forcefully broken out yesterday but on the back of strong Global cues. As there is news based huge volatility in all the global markets therefore confirmation through sustaining above 8092 is must for trend reversal and correction completion at 7546 on 07-09-2015 of that 4000 points rally which started from 5118.85 on 28-08-2013 and completed at 9119.20 on 04-03-2015.