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Pre-Closing Outlook(07-12-2010)

Range bound trading within 5945-5995 today.first 4 hours suggesting consolidation formation but could not sustain at higher level also therefore view is cautious and more confirmation required for fresh up move. Last 4 sessions indicating both buying and selling patterns and until Nifty does not sustain beyond 5945-6065 till then no confirmation.

As intraday charts are showing more consolidation formation therefore my view is turning bullish but little more confirmations are required yet.