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Nifty-Micro Analysis of Intra Day Chart(20-04-2011)


Just click on chart for its enlarged view

Consolidation between 5760-5805 after gap up opening. As sentiment was heated therefore intraday panic bottom was seen in consolidation process. Last one hour Rising Wedge(Bearish Pattern) Formation between 5825-5855 therefore initial hours watching is required but Bullish rally is on and in Bullish rally higher levels consolidation possibility remains high. Until follow up selling will not develop till then any down move will not be seen.