Pre-Open Market Outlook(18-11-2010)
Nifty tested crucial suppoort range 5932-6100 and also closed within this range as well as traded last 4 hours with mixed trading signals within 5975-6010 last tuesday. Sentiment is most bearish and firstly trading below 5975 possibility can not be ruled out but sustaining below it is must for next immediate down move confirmations because minor pull back rally possibility is been seen after finding mixed trading signals within 5975-6010. Correction is continued,sentiment is depressed and if Nifty sustainins below 5975 then testing of 5932 and lower levels possibility will be high.
Global sentiment is extremely weak and good selling patterns at higher levels in Indices and Pivotal stocks also and 5932 breaking possibility is also high but confirmation through sustaining below 5932 is must because Nifty has already got 3 times support within this range(5930-6000) and intermediate term trend will be down below 5932 as well as testing possibility of 200 Day EMA(today at 5501) will be high. I am repesting heading of my weekly outlook:-
"High Possibility of Intermediate Trend Turning Down & Only Saviour is 5932"
Opening will depend on global sentiment and:-
1- Minor pull back rally possibility will be decided acoording to sustaining above mentioned mixed signals range(5975-6010).
2- Intermediate term down trend will get confirmations through sustaining below 5932.
Big move has to be decided amid most bearish global sentiments and negative news flow therefore final view will be formed according to sustaining and today trading patterns.
Just watch sustainability beyond 5932 and get confirmations for next big moves.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
