Post-open Outlook(23-02-2012)
Long Term and Intermediate term trends are up and Short term trend will be down below 5475 therefore sustaining it below should be firstly watched for next down moves confirmations. Confirm 3 sessions selling near 5600 and market require complete consolidations for sustaining above 5630 therefore until Nifty will not sustain above 5630 till then any up move will not be considered.
Next supports were posted yesterday in Correction Confirmation with Sharp Fall:-
1- 5475
2- 5428-5461(Gap Support)
3- 5340-5415(Strong support)
Nifty is trading above first support since opening today and traded first 2 hours between 5482-5519 with mixed intraday patterns. Let market prepare then next moves conclusions will be drawn from intraday patterns within this range and sustaining it beyond will be next moves confirmations.
Firstly watch today sustaining beyond 5482-5519 for next moves confirmations and click following link for 3 Crucial Resistances & 4 Crucial Supports and technical positions of Indian markets:-