Indian markets closed flat and slipped from higher levels yesterday but intraday charts showed consolidations therefore today upmove was proved and following lines were told yesterday
intraday patterns of today are suggesting whole day consolidations therefore upmoves with continuous consolidations possibility is high
Just verify above lines from following topic:-
Nifty-Micro Analysis of Intra Day Chart For 31-05-2011
Following line was also told in Pre-closing Outlook yesterday
Intraday charts of today are suggesting consolidations. Upmoves are expected in the coming sessions
Market require consolidation before every rise between 5500-5605 therefore expected that slow and steady up moves will be seen. As Indian markets have entered into strong resistance range therefore consolidations require after every rise and sustaining above 5509 will be next upmove confirmation and trigger for next upmoves .
Intraday patterns of first 45 minutes are showing consolidations therefore expected that Nifty will sustain above 5509 and upmoves will be seen.