Following lines were told on 29-01-2013 in Correction continuation on cards
Follow up selling tomorrow will mean consideration of following possibility also:-
"FOMC Meeting is scheduled on January 29-30 and its results will come out in the mid night of 30 Jan. We don't know what will be its outcome but US markets intraday and daily charts are showing selling formations therefore sharp fall in US markets on 30-01-2013 can not be ruled out which may result sharp down moves in Asian and Indian markets on 31st Jan"
All the Asian markets are in Red today after negative closing in US markets but down moves are not sharp and Nifty is confined between 6000-6100. As both lower levels buying and higher levels selling is being seen for the last 12 sessions and one sided positions are not being built therefore sideways market. No other way but to wait for valid break out of those range which have already been updated in previous Outlook.
Although our view was bearish and markets moved down also but not too much. Let market prepare then next moves with breaking out possibility will be updated according to intraday charts formations.
Follow up selling tomorrow will mean consideration of following possibility also:-
"FOMC Meeting is scheduled on January 29-30 and its results will come out in the mid night of 30 Jan. We don't know what will be its outcome but US markets intraday and daily charts are showing selling formations therefore sharp fall in US markets on 30-01-2013 can not be ruled out which may result sharp down moves in Asian and Indian markets on 31st Jan"
All the Asian markets are in Red today after negative closing in US markets but down moves are not sharp and Nifty is confined between 6000-6100. As both lower levels buying and higher levels selling is being seen for the last 12 sessions and one sided positions are not being built therefore sideways market. No other way but to wait for valid break out of those range which have already been updated in previous Outlook.
Although our view was bearish and markets moved down also but not too much. Let market prepare then next moves with breaking out possibility will be updated according to intraday charts formations.