Nifty-Intra Day Chart(25-Aug-2011):-
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1- Down moves in Falling Channel
2- Up moves in Rising Channel
3- Mixed Patterns between 5850-5870
4- Whole day trading between 4826-4911
Conclusions
As good selling between 4898-4960 yesterday therefore down moves were seen today despite strong global cues. Today down movs possibility was told in all the outlooks which were updated for today trading.
Although Indian markets slipped from higher levels and trading at lower levels but intraday trading patterns are not suggesting pure selling today and consolidation patterns are also seen in today intraday chart.
Nifty traded last half hour between last 5 seesions support range(4798-4850) and coming session will decide that this support is surviving or not. Breaking out of 4798-4850 should be watched first of all for next moves and survival of Pull Back Rally confirmations.