US markets tumbled heavily and closed more than 2.15% down after crucial data anouncement and in reaction all the Asian markets are 2.00% to 3.85% down except China.No releaf and heavy blows from Global markets therefore gap down opening today and all the supports above 4900 will be broken down today. Next support is gap support of 27-09-2011(between 4835-4905) and Nifty will firstly trade between this range today.
Nifty is range bound 4720-5229 for the last 38 sessions with strong resistances at higher levels and weak supports near 4720. Importance of this range has alreay been posted many times and this range break out will decide the fate of 11 months old correction in following manner:-
1- Break out(above 5229) will mean 11 months correction completion.
2- Break down(below 4720) will mean beginning of fresh phase of deeper fast correction.
Markets are not trending and global cues are also playing most crucial role in last 38 sessions market. Next moves beyond gap support of 27-09-2011(between 4835-4905) will be understood according to intraday charts formations of today and will be updated accordingly in Mid-session Outlooks.
Nifty is range bound 4720-5229 for the last 38 sessions with strong resistances at higher levels and weak supports near 4720. Importance of this range has alreay been posted many times and this range break out will decide the fate of 11 months old correction in following manner:-
1- Break out(above 5229) will mean 11 months correction completion.
2- Break down(below 4720) will mean beginning of fresh phase of deeper fast correction.
Markets are not trending and global cues are also playing most crucial role in last 38 sessions market. Next moves beyond gap support of 27-09-2011(between 4835-4905) will be understood according to intraday charts formations of today and will be updated accordingly in Mid-session Outlooks.