Nifty-Intra Day Chart(31-05-2011)
Main Features
1-Intraday rally.
2- Whole day consolidations except last one hour selling patterns.
Conclusions
As Nifty traded between resistance range therefore continuously consolidated and moved up. Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570). Nifty require more consolidation to cross complete resistance range(5500-5605). As good consolidation today therefore expected that Indian markets will firstly consolidate within mentioned resistance range and then Nifty will move above 5600 within 2/3 sessions.
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1-Intraday rally.
2- Whole day consolidations except last one hour selling patterns.
Conclusions
As Nifty traded between resistance range therefore continuously consolidated and moved up. Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570). Nifty require more consolidation to cross complete resistance range(5500-5605). As good consolidation today therefore expected that Indian markets will firstly consolidate within mentioned resistance range and then Nifty will move above 5600 within 2/3 sessions.