levels selling and lower levels buying therefore range bound market was expected and following line was told today in Technical Analysis,Researches & Market Outlook(05-09-2011)
Expected that Nifty will firstly trade and prepare for next moves between 4960-5026 after gap down opening today
Nifty traded most of the time within mentioned range with first 4 hours good consolidation between 4966-4994. As this range was already good support therefore 30-08-2011 support range(4929-4995) has become stronger today.
Although matket slipped from intraday higher levels today but strong support at lower levels also today therefore follow up more consolidation and then continuation of on going Pull Back Rally expected tomorrow.