Pre-closing Outlook(22-05-2014)
When Nifty was trading near the highest of the day at 7312 at 12:55 PM then following lines were told in Mid-session Outlook(22-05-2014):-
1- today up moves are without force and and showing Bearish Rising Channel formation
2- sustaining above 7287 is still required for next decisive up moves confirmations
When Nifty was trading near higher levels of the day then we showed our doubts and resultant Nifty slipped exactly from those levels and now Nifty is trading at 7262 after loosing more than 50 points.
We told for sideways market in all the Outlooks of this week and Indian markets are sideways within our given range. Although we told many times repeating again that Indian market will prepare for next trend within side ways range and next trend deciding levels have been updated in following topic yesterday:-