Technical Positions,today Outlook and next possibilities have already been discussed in following topic in the Blog yesterday therefore not being repeated today:-
"Post-closing Report(04-04-2011) & Tomorrow Outlook"
Nifty gained
571 points in last 10 sessions made the top at 5918 yesterday. No intra day selling formations upto yesterday and any correction will not be possible without this development minimum on intra day charts. As strength of this rally was understood long before therefore following lines were told:-
1- I told for rally minimum target in Post-closing Report(25-03-2011) & Monday Outlook:-
"21st March 2011 started rally
minimum target is 5911"
2- For any type of down moves I told following lines in Post-closing Report(28-03-2011) & Tomorrow Outlook:-
"Complete selling patterns are required for any decisive down moves and until that will not happen till then
any down move will not be imagined and after 2 months range break out
any selling development can not be dreamed also."
3- I told for strength in Pre-Open Market Outlook(29-03-2011)
"Nifty will not sustain below 5580 in worst situations also."
4- I told for bullish market trading policy in Post-open Outlook(29-03-2011)
"5th wave is on and Nifty is trading within resistance range(5700-5900). Market will consolidate at higher levels without any deeper corrections in bullish markets and that will be seen.
If having courage then ride on running horse otherwise if will try to stop(shorting) then be prepared for horse kick"
As no significant resistance resistance between 5900-6120 therefore fast rally between this range is a possibility also but sentiment is heated and indicators are overbought therefore intraday charts of today will be watched first
for immediate next move confirmations. 5880-5940 crossing and sustaining beyond will be watched for conformation of following next possibilities:-
1- Sustaining below 5880 will mean very short term correction begining.
2- Sustaining above 5940 will mean continuation of rally without any correction as being seen in last 10 sessions.
Next immediate move will be decided after first 2/3 hours intra day charts formations today.
