Sentiment heated due to Union Cabinet reshuffle news therefore voltality seen after profit booking at higher levels and buyinng at lower levels within 5665-5690 yesterday. Pull back rally started from Monday and Nifty was volatile after intraday profit booking and buying within 5665-5745 yesterday. As support seen at lower levels also therefore Monday begun pull back rally is still alive and yesterday range break out will be next move confirmation.
Although Indian markets closed in Red yesterday and sentiment is also depressed but following points will also be kept in mind for deciding next trend:-
1- Bullish Wave-3 is on.
2- Long term trend is still up.
3- 2011 down moves are the result of last week non-stop negative news and not the result of genuine selling.
Support and Correction completion signals seen on Previous Monday and Tuesday but yesterday patterns are showing mixed formations therefore next moves will be decided from follow up moves of today. I mean to say that if follow up selling develops today then minimum 200-Day EMA retesting will be seen and today follow up buying will mean continuation of Monday started rally.
Today trading range will be 5665-5745 and expected that Nifty will prepare first within this range for next moves. Let market prepare then final conclusions will be drawn after today intraday charts analysis.
View is bullish for the reasons expressed in last 3 days outlooks.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
