Nifty-Intra Day Chart(08-Sep-2011):-
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1- Consolidation between- 5107-5122(told 3 times during trading hours today)
2- Minor consolidation between 5146-5166 also.
3- Whole day trading between 5102-5169
Conclusions
Pull Back rally is on and fresh rally started after 4 days correction on 06-09-2011. Rally is moving within resistance range(5120-5220) therefore consolidation is required before each rise and it was seen today also. As today rally was expected therefore following line was also told yesterday in Technical Analysis,Researches & Market Outlook(08-09-2011)
Pull Back rally is on and more up moves are demand of on going rally therefore expected that follow up buying will be seen in the coming sessions and markets will move up
Nifty is trading between resistance range(5120-5220) and consolidation is required for an upmove therefore firstly intraday consolidations and then up moves are expected in the coming sessions.