tRENDS

Pre-Open Market Outlook(15-06-2010)

All trends are up today after crossing 5148 by force. I never told for levels below 200 Day EMA and also told many times for turning of intermediate trend toward upside despite Wave 3 containing weak structure. Next resistance ranges are as follows:-

1- 5180-5210
2- 5225-5245
3- 5260-5340
4- 5350-5395

Intermediate term trend is up and it means that upmoves from 3 weeks to 3 months therefore expcted that Nifty will counter above mentioned resistance levels in the coming weeks. Resistances are strong therefore Indian markets will consolidate through struggling for every rise and in this process voltality may also increase. It has also been observed that Nifty is making new high after completion of intermediate term corrections therefore "new top formation possility of March 2009 is very much alive."

Rising wedge formation was seen in last one hour intraday chart yesterday within above mentioned 1st resistance range(5180-5210) therefore expected that today trading will be within and near about mentioned range and voltality may be high also. Indian markets will prepare for next moves and may be directionless today therefore telling more than above mentioned at this moment will be only guess work and will be like making false statements. Next moves of today will be decided after analysising first 3 hours intraday charts and will be posted accordingly.

View is bullish at this moment and complete selling patterns are required for begining of down moves and until that will not happen till then down moves below 5148 can not be imagined .