Mid-session Outlook(30-04-2014)
Indian markets are not trending and sideways as well as preparing for next direction or may be very big moves beyond 6651-6861. 3 Sessions(including today) trading between 5709-5786 with following trading patterns:-
1- Consolidation between 6750-6765 on 28-04-2014 but sharp down moves below it on 29-04-2014
2- Selling between 6738-6760 on 29-04-2014 but sharp up moves above it today
18 Sessions trading between 6651-6861 with good supports at lower levels and equally good selling also at higher levels within this range. Expected that Nifty will prepare within this range for next decisive trend between 6651-6861 and forceful break out of this range will be seen on following dates:-
1- On 13-05-2014- After Exit Poll results on 12 May evening.
2- On 16-05-2014- After election results.
Let Nifty prepare for next decisive huge moves beyond 6651-6861 then will be updated according to intraday charts patterns formation in the same manner as being done for the last more than 5 years.
Today sharp up move is also 1st strong signal of fresh rally beginning but confirmation is must through sustaining above 6765/6780.