Pre-Open Market Outlook(21-12-2010)
Only 16 points trend decider trading range(5940-5956) was given in weekly,Nifty could not broke out mentioned small range in 84 points volatile market and closed flat exactly within it at 5947 yesterday. Following lines were also told yesterday and being repeated today for deciding that big move which is expected after sustaining beyond 5940-5956:-
1- Indian markets are riped for up moves.
2- until Nifty will not sustain below 5940 after complete intraday selling patterns till then any down move will not be considered.
3- complete fresh intraday selling required today for sustaining below 5940
As Indian markets were riped for up moves therefore up moves were seen immediate after opening yesterday despite weaker global cues. Down moves were not seen in the begining because complete selling was required and were seen after complete selling at higher levels yesterday.
Following lines were told in Mid-session outlook yesterday and repeating today:-
"Intraday charts are suggesting selling at higher levels but confirmation is must through sustaining below 5940"
Dissection of intraday patterns of last 2 days trading range(5855-5985) for deciding next moves and sustaining beyond this range will be first strong confirmation of next strong big moves:-
1- 5855-5890(intraday buying on 16-12-2010)
2- 5940-5956(intraday selling on 16-12-2010)
3- 5960-5985(intraday selling on 20-12-2010)
Indian markets are flat,not trending and side ways points have already been discussed in weekly and last 2 sessions intraday patterns are also showing same patterns through lower level buying and higher level selling.
Markets takes its own time for taking positions and preperations and same is being happened for the last 21 sessions. Multiple supports at lower levels and multiple resistances at higher levels also. Indian markets will prepare for next moves and crossing of next supports/resistances will decide next direction. Following supports and resistances of last 21 sessions should be kept in mind for finding next move target. Base range is 5940-5956 and next moves will be decided from sustaining sustaining beyond:-
Sustaining below 5940 will mean testing of following supports:-
1- 5855-5890
2- 5785-5820
3- 5745-5775
Sustaining below 5745 will mean further fast down move confirmation of 'C' corrective wave to test 5385.
Sustaining above 5956 will mean testing of following Resistances:-
1- 5960-5985
2- 5970-6015
3- 6040-6070
Sustaining above 6070 will mean testing of follwong next resistances:-
4- 6080-6120
5- 6180-6195
6- 6250-6320(strong resistance)
Sustaing above 6320 will mean continuation of `Wave 3 towards new highs of Indian markets. Correction is on and only its completion has to be decided. Let market start to sustain above or below mentioned levels and accoring to that correction completion will be decided.
Firstly get confirmation from breaking out of 5940-5956 but it is small 16 points range and next big move will be cooked within last 2 days trading range(5855-5985) and sustaining beyond this range will be first strong confirmation of next strong big moves.
Indian markets will move according to above mentioned levels in the coming weeks/months therefore should be kept in mind.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
