Long term trend is down and will be up above 5600. Intermediate and Short term trends are side ways within 5400-5600 and will be up above 5600. Indian markets are range bound 5200-5600 for the last 33 sessions and Indian markets will show fast decisive moves after its break out.
Libya issue still unresolved,Japanese radiation not controlled and WikiLeaks exposure of Bribe payment by UPA in 2008 are suggesting that worst is not over, Indian markets are waiting within 5400-5600 for cooling down of all irritating developments.As per my view worst is over in Japanese radiation and WikiLeaks exposure issues because radiation will not reach India and WikiLeaks exposure will not be able to destabilise UPA Govt.
Indian markets slipped and closed in Red after WikiLeaks exposure news yesterday but intraday patterns are suggesting consolidations. Although Nifty slipped from higher levels but intraday charts are not suggesting genuine selling but consolidion signals also. Nifty is trading between 5400-5600 for the last 11 sessions and got support at 5400 during most depressing news therefore strong support at 5400 and crossing 5600 will be seen after getting confidence regarding above mentioned irritating developments,
Global markets are positive today morning and Nifty will trade between yesterday range(5435-5510) after positive opening today. Fresh consolidation and Positive closing expected today and 5535 will be first strong indication and moves above 5580 will be confirmation of strong rally above 5600.
