As rally were expected therefore up moves confirmation levels were given in Mid-session Outlook. Confirmation of Nifty sustaining above 5444 has been achieved and with this Bullish markets building up hopes also survived after Oxygen therapy at 5400. Nifty crossed 5495 but slipped also sharply and it seems that it may be psychological impact on Kanimozhi bail rejection and resultant fear of DMK withdrawing support from UPA Govt. As per my view DMK will not withdraw support and if happens also then there UPA will be able to arrange required support.
Intraday patterns are showing consolidation except minor selling between 5505-5517 and next resistance is between 5520-5530. In this manner now next resistance range is 5505-5530. As strong base formations at crucial levels near 5400 and Nifty has sustained above 5444 therefore expected that Indian markets will first consolidate between 5444-5500 in next week and then fresh upmoves will be seen.
No impact of Kanimozhi arrest will be seen on Indian markets in next week
