All the Asain markets are in Red after US markets negative closing therefore sentiment is weak today morning. It is being seen for the last 4 months that US Futures remains highly fluctuating and volatile whole day and most uncertain news flow from European markets therefore cautious approach is required.
Sustaining below 5147 will mean countering of next strong support range(5010-5100) and sustaining beyond this range will be confirmation Oct 2011 rally survival. It means that if Nifty finally sustains above 5100 then it will be confirmation of post Diwali-2011 correction completion and then up moves will be expected. Sustaing below 5010 will confirmation of deeper down moves with testing possibility of previous 54 sessions lowest(4720).
Expected that Nifty will first trade between 5110-5170 after weak opening and break out of this range will give confirmation to next trend according to above mentioned next moves.
Sustaining below 5147 will mean countering of next strong support range(5010-5100) and sustaining beyond this range will be confirmation Oct 2011 rally survival. It means that if Nifty finally sustains above 5100 then it will be confirmation of post Diwali-2011 correction completion and then up moves will be expected. Sustaing below 5010 will confirmation of deeper down moves with testing possibility of previous 54 sessions lowest(4720).
Expected that Nifty will first trade between 5110-5170 after weak opening and break out of this range will give confirmation to next trend according to above mentioned next moves.