Nifty-Intra Day Chart(05-Aug-2011):-
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1- Consolidation between 5120-5170
2- Intraday Patterns are showing whole day consolidation
3- Whole day trading between 5120-5224
Conclusions
Intraday charts are showing whole day intraday consolidation patterns and on its base up moves will be expected on Monday but US rating has been down graded therefore may be panic in Global markets on Monday.
As good consolidation on 05-Aug-2011 therefore market require complete selling for sustaining below 5120 and concolidation will mean bounce back also. Sentment may be most depressed Monday morning but sustaining below 5120 will be next down moves confirmation otherwise more weakness will not be considered.
Follow up moves will be firstly watched Monday morning and then next view should be formed in high voltage News Flow market. Sustaining beyond last Friday trading range(5120-5224) will be next market confirmation.