Pre-Open Market Outlook(16-10-2010)
I told in weekly on 14-10-2010:-"Only minor pull back rally possibility in the begining of week"
I told in Pre-Open Outlook(15-10-2010):- "minor pull back rally possibility can not be ruled out"
I told within 3 hours in Mid-session outlook(15-10-2010):-"minor pull back rally possibility emerged today"
Following 2 supports were told in this week weekly:-
1- 1st Support- 6033-6057(Last Gap)
2- 2nd Support- 5932-6000(Strong support range)
Nifty got support within gap at 6039 yesterday above last strong support range and this gap has strengthened last support range. Nifty got support 3 times within this range previously and got support above it yesterday therefore mentioned 2nd Support has become stronger.Now strong support range is 5932-6100.Good selling at higher levels therefore strong resistance range is 6260-6315
Indian market is trapped by strong supports and resistances and wil prepare for decisive moves within 6100-6260 in the minimum next couple of sessions. Markets always takes its own time for taking positions and let it prepare then next moves will be decided and also will be posted in the Mid-session outlooks as posted yesterday within first 3 hours before the begining of pull back rally.
As long and intermediate term trends are up therefore coming couple of sessions consolidations will mean rally arter completion of range bound correction(5937-6339). Selling will mean breaking down possibility of 5932 and it is only saviour otherwise deeper correction will be seen.
Opening will be decided by global sentiments but positive zone trading expected firstly and finally flat to positive closing also expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
