Trends

Pre-Open Market Outlook(16-07-2010)

Nifty traded narrow whole day within 5361-5395 yesterday and again got support at 5360 therefore this support has strengthen. Intraday charts of yesterday are showing consolidation patterns therefore firstly trading above 5400 and afterwards testing of next minor resistance range(5415-5440) is expected today. All trends are up,good consolidation and supports at lower levels,,no selling formations in daily and intraday charts therefore new top formation of on going 3rd wave is expected in the coming sessions.

US markets closed positive after recovering from more than 1% loss is sentiment boosting today therefore expected that almost all the Asian markets will be positive today morning and European markets will also open in Green today. Indian markets will enjoy this mood with positive opening above 5400 and whole day positive zone trading. New top formation possibility can not be ruled out today.