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Pre-Open Market Outlook(10-11-2010)

Last 2 days trading range is 6245-6310 with selling patterns within mentioned range. Nifty traded 2 hours yesterday within 6245-6265 and after that sharp surge was seen at 02:03 PM IST. I am presenting my following observation for mentioned 02:03 PM IST sharp surge:-

Sharp surge was seen in all the running global markets at 02:03 PM IST yesterday. Sharp upmoves within 1 minute seen in all the following running global markets:-

1- Dow Futures- recovered more than 27 points within 1 minute
2- FTSE 100- recovered more than 25 points within 1 minute
3- CAC 40- recovered more than 17 points within 1 minute
4- Dax- recovered more than 22 points within 1 minute
5- Nifty- recovered more than 15 points within 1 minute

International event is not known for mentioned international sharp surge but Red zone trading European Indices traded and closed in Green with higher levels selling patterns. Dow Futures recovered from -40 to +30 and traded 50 points down yesterday and Nifty surged from Red to Green and closed near the top of the day.

Above observation has been presented with this intention that yesterday glbals cues led voltality and higher level closing may be for selling in heating sentiment therefore yesterday closing above 6300 should not be taken as upmove and immediate new top formation confirmation but let Nifty sustain above 6300 with consolidation patterns then that will be confirmation of immediate sharp up moves to test levels in this week weekly. If Nifty sustains below 6240 after fresh seeling today then that will be short term correction confirmation and yesterday mentioned supports may be tested.

Range bound market in last 2 sessions and market will prepare in the coming sessions for next moves as well as break out of last 2 days range with force as well as sustainability beyond will give next move confirmations.

Nifty will trade first within last 2 days trading range.As patterns are mixed therefore let market prepare then break out diretion will be decided from intraday charts formations.
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