Nifty-Intra Day Chart(12-Oct-2011):-
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1- Weak IIP data based highly volatile market and negative news based consolidation between 5000-5055.
2- Up moves in Rising Channel.
3- Whole day trading between 5000-5108
Conclusions
Strong rally and no intraday selling formations today. Resistances between 4960-5060 has been cleared and next gap resistance of 5060-5110(today high is at 5109.80) is also crossed.
Market has shown complete strength today and next strong resistance range is between 5145-5169. Market has to consolidate for crossing and sustaining above 5169 and expected that this resistance will be cleared in the coming sessions.
Sustaining above next resistance 5145-5169 will be next rally confirmation.