Nifty-Intra Day Chart(02-Aug-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5455-5470
2- Buying between 5435-5450
3- Whole day trading range- 5435-5470
Conclusions
Previous support range was 5460-5485 and Nifty traded whole day between and below this range. Although selling at higher levels(5455-5470) but support also at lower levels(5435-5450) therefore sustaining beyond today trading range(5435-5470)is must for next moves confirmations.
Global cues led highly voltalile markets and sustaining below 5435 will mean sharp fall. Multiple resistances at higher levels and any up move will be considered after sustaining above minimum 1/2 resistances.
Not one sided market today and whole day trading between 35 points with mixed intraday patterns therefore sustaining beyond today trading range(5435-5470) should be kept for next trend confirmations.
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1- Selling between 5455-5470
2- Buying between 5435-5450
3- Whole day trading range- 5435-5470
Conclusions
Previous support range was 5460-5485 and Nifty traded whole day between and below this range. Although selling at higher levels(5455-5470) but support also at lower levels(5435-5450) therefore sustaining beyond today trading range(5435-5470)is must for next moves confirmations.
Global cues led highly voltalile markets and sustaining below 5435 will mean sharp fall. Multiple resistances at higher levels and any up move will be considered after sustaining above minimum 1/2 resistances.
Not one sided market today and whole day trading between 35 points with mixed intraday patterns therefore sustaining beyond today trading range(5435-5470) should be kept for next trend confirmations.