When all the global markets were crashed then following lines were told yesterday. As relevant therefore repeating:-
1- Pre-Open Outlook:-
1- "As other markets were overbought therefore their correction was natural but Indian markets are oversold and will react this news in another manner"
2- "Sentiment completely depressed today morning and sustaining beyond 5460(spot) will decide fate of long term trend"
2- Mid-session Outlook at 12:15 pm:-
1- "Nifty opened and firstly traded below 5460 in deep depressed sentiments today morning and got intraday support at lower levels. All supports have been broken and only Wave-3 trendline support is left which is at 5460"
2- "Nifty opened and firstly traded below 5460 in deep depressed sentiments today morning and got intraday support at lower levels. All supports have been broken and only Wave-3 trendline support is left which is at 5460"
3- "Let more consolidation and support emerge then up move expectations will certainly be considered despite crashing global markets and Egypt internal problems"
Intraday charts of yesterday are showing genuine buying patterns and good support was seen at lower levels as well as good recovery seen before closing near trading high of the day. All this has given strong indication of 'ABC' correction completion but not sufficient and sustaining above 200-day EMA is must for on going uptrend confirmation.
As no distribution pattern in last 4 months EOD chart and 'ABC'correction seen therefore fresh rally possibility is alive after emergence of correction completion signals in last 2 sessions. Detailed analysis has been posted in weekly and 200-day EMA testing is possible in the coming sessions. Sustaining above 200-day EMA is must now for confirmation of mentioned uptrend.