Pre-Open Market Outlook(22-02-2011)
Following lines were told in Mid-session outlook yesterday. As relevant therefore being repeated today:-
1- "Market is quiet within 5433-5468 since opening today and forceful break out of this range will give first indication of those moves which will laid the foundation of post Budget moves"
2-"Just wait for sustaining beyond of mentioned range(5433-5468) for next and possibly post budget moves confirmations"
Nifty moved below 5433 without force and could not sustained below therefore 5468 broken out with force and sharp surge seen yesterday. It is confirmation of bottom formation between 5415-5445 after last Friday correction. Next up move(rally) confirmation point is forceful break out or sustaining above 5558 because after this:-
1- Intermediate term trend will be up.
2- Inverse Head and Shoulders Neck Line will be broken out.
Last 2 sessions intraday chart showing market preparation:-
Asian markets are crashing after sharp declines in European markets and US futures(Dow 85 points down) therefore Indian markets will open weak and will trade within 5460-5510. As base formation yesterday within(5415-5445) therefore complete selling requires to break it down and not expected that Nifty will dip below it easily. Indian markets are eyeing on Budget-2011 and will prepare according to post Budget expectations only. Intraday trading will be effected from global sentiments today but real moves will be seen after budget according to preparation today and within this week.
JPC formation announcement expected during trading hours today and immediate market reaction will be watched. Confirm consolidation yesterday and its continuation amid depressed global sentiment will mean confirm crossing of 5558 in the coming sessions and it is expected also.
Weak opening,firstly trading and post budget preparation within 5460-5510 and finally flat closing expected today.
Following lines were told in Mid-session outlook yesterday. As relevant therefore being repeated today:-
1- "Market is quiet within 5433-5468 since opening today and forceful break out of this range will give first indication of those moves which will laid the foundation of post Budget moves"
2-"Just wait for sustaining beyond of mentioned range(5433-5468) for next and possibly post budget moves confirmations"
Nifty moved below 5433 without force and could not sustained below therefore 5468 broken out with force and sharp surge seen yesterday. It is confirmation of bottom formation between 5415-5445 after last Friday correction. Next up move(rally) confirmation point is forceful break out or sustaining above 5558 because after this:-
1- Intermediate term trend will be up.
2- Inverse Head and Shoulders Neck Line will be broken out.
Last 2 sessions intraday chart showing market preparation:-
Asian markets are crashing after sharp declines in European markets and US futures(Dow 85 points down) therefore Indian markets will open weak and will trade within 5460-5510. As base formation yesterday within(5415-5445) therefore complete selling requires to break it down and not expected that Nifty will dip below it easily. Indian markets are eyeing on Budget-2011 and will prepare according to post Budget expectations only. Intraday trading will be effected from global sentiments today but real moves will be seen after budget according to preparation today and within this week.
JPC formation announcement expected during trading hours today and immediate market reaction will be watched. Confirm consolidation yesterday and its continuation amid depressed global sentiment will mean confirm crossing of 5558 in the coming sessions and it is expected also.
Weak opening,firstly trading and post budget preparation within 5460-5510 and finally flat closing expected today.