TRends

Short term and long term trends are up and intermediate term is down. Pull Back rally is on and intermediste term will be up above 4951 and Nifty if struggling near it because there if previous resistance range is 4920-4950 and moved down yesterday after good between 4920-4930 on 17-02-2010. Yesterday intraday patterns are showing consolidation between 4875-4900. Although US markets closed with good gains yesterday but its futures are trading in deep Red after this news that US Fed hiked Discount rate by 25 Bps to 0.75%. All the Asian markets are reacting this news by trading in Red. As Indian markets are showing both selling and buying between 4875-4930 in last 2 days therefore this range will be trend decider. If Nifty sustains below 4875 finally after depressing news from US Federal Reserve then that will be most depressing for Indian markets.

Asian markets are extremely depressed and sentiment is completely dampened therefore weak opening will be seen. on going Pull Back rally got momentum after good consolidation between 4790-4835 and if Nifty sustains above this range then upmoves will be seen in next week. My view is not bearish and expecting sustaining above 4835 and recovery either today or in next week. It is being felt that global markets are over reacting and will normalise in next week as well as upmoves will also be seen.