Nifty-Intra Day Chart(12-Sep-2011):-
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1- Selling between 4965-4980
2- Buying between 4913-4928
3- Mixed Patterns between 4937-4963
4- Whole day trading between 4912-4985
Conclusions
All trends are down and Pull Back rally is on from 4720 which retraced from 5169. Crucial support range and Pull Back rally saviour is between 4948-5000 and it was broken down also yesterday on the back of disappointing IIP data and crashing Global markets.
Indian markets are not mature for any side decisive moves today because higher levels selling and lower levels buying yesterday and follow up buying/selling will decide next direction today. Indian markets will prepare for next moves between yesterday range and its break out as well as sustaining beyond will be next moves confirmations.
Global cues are more or less positive today morning and Indian markets also recovered from yesterday lower levels yesterday therefore Nifty will firstly trade between 4930-4980 after positive opening and its break out will be next moves first indication as well as sustaining beyond 4912-4985 will be next decisive move confirmation. Upside break out possibilities are high because Global cues are improving today.