Mid-session Outlook(12-02-2016)
As Bullish Falling Wedge formations in last 2 hours yesterday therefore Bounce Back above 7090 was expected for today and 50 Points bounce was also seen in first minute today despite following negative Global markets today:-
1- Dow Jones closed 254 points down yesterday
2- All the European markets closed 2.39% to 4.88% down yesterday.
3- Most Asian markets were trading 0.70% to 4.10% down today morning.
As all the Asian markets and Dow Jones's Futures slipped from higher levels therefore Indian markets also could not sustain at higher levels and started fresh down moves.
Correction is on and no confirmation of its completion yet amid high Global markets pressure but some indications of consolidation are emerging therefore a bounce may be seen at any time or Pull Back rally may also begin within 1/2 sessions.