Pre-closing Outlook(01-07-2011)

Although Positive closing was expected today but we understood immediately after opening that profit booking is being developed after weak opening therefore we told cautioned within first 8 minutes. Following lines was also told in Mid-session Outlook today:-

Good support between 5600-5625 and expected that Nifty will get support near about this range.

Nifty traded last 3 hours hours within 5612-5635 and today lowest is at 5609.75. Although last 3 hours intraday formations are showing mixed patterns but whole day intraday patterns of today are showing consolidation indications despite higher levels selling.

Expected that Nifty will trade and consolidate between 5600-5700 on next Monday/Tuesday and after that next rally will resume.