Pre-open Outlook(21-01-2016)
Following lines were told yesterday in "Correction Continuation after follow up Selling" and being repeated today because Asian markets are strong today morning and lower levels supports were also seen yesterday therefore positive opening of Indian markets will be seen today:-
1- for precaution valid breaking down of 7242 should be firstly watched today.
2- more than 4 hours Mixed Patterns between 7294-7338 yesterday therefore expected that Nifty will firstly trade within yesterday trading range(7242-7338)
3- correction continuation towards 7104/6761 is still expected after follow up selling within and near about yesterday trading range.
As Short Term indicators are oversold and Asian markets also signalling some Global markets recovery therefore just wait and watch for valid break out of 7242-7462 for next Short Term Trend confirmations.