Pre-Open Market Outlook(09-02-2011)
All trends are down and Nifty entered into strong support range(5210-5349) after steep intraday fall yesterday. Although Indian markets closed in deep Red yesterday but intraday charts are not suggesting selling patterns and showing consolidation formations therefore pull back rally/bouncing back possibility is alive today.
5335-5365 is first resistance range and its testing expected after positive opening today. As oversold indicators showing positive divergence therefore Pull Back Rally begining expected from today after yesterday intraday charts consolidation formations.
Positive opening to Green closing expected today.