Pre-Open Market Outlook(02-06-2010)
200-Day EMA is long term trend decider and it has capacity to finalise that a fanancial market is in Bullish phase or Bearish. All the global marketsare either comfortably below it or struggling to surrvise Bullish markets near it barring Indian and Germany markets which are comfortably above it. US markets fought 200-Day EMA yesterday but failed and closed at Day's lowest and below it. Dow's sustaining below 9800 will mean confirmed bearish markets in US and that will certainly have negative impact on global stock markets also.
Indian markets got resistance below 5100 and slipped yesterday after whole day deep Red trading US futures. Indian markets are above 200-Day EMA(today at 4903) and until does not sustain below it till then view will remain Bullish with cautious approach. Nifty got good support between 4860-4880 in last week and if on going down trend get support at or above 4860 then up moves will be seen and Bullish market will survive which is at stake at this moment.
Steep fall was seen yesterday but last 2 hours intraday patterns between 4963-5000 are showing consolidation signals and if Nifty moves above 5000 after some more consilidation today then it will be positive for Indian markets and fresh upmoves will be seen. Above mentioned last 2 hours consolidation range will give direction to Indian markets and if Nifty sustains above 5000 then more upmoves may also be seen after some more consolidations between 5050-5080. Long term trend is up in Indian markets and will remain up if major set backs are not seen in global markets.
Asian markets are positive today morning despite more tham 1% fall in US markets therefore positive opening and firstly trading between 4963-5000 expected today and also expected that Nifty will cross 5000 finally and Indian markets will also close in Green today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
