Following lines were told in Pre-Closing Outlook(14-10-2011)
last 90 minutes intraday patterns are also showing mixed formations therefore sustaining beyond 5112-5140 will be firstly watched for confirmation on next Monday.
Today intraday charts are showing that Nifty traded most of the time between last Friday range(5112-5140) and again traded with mixed intraday patterns in last 3 hours between 5108-5125.
It is clear that next strong moves have been cooked between 5108-5140 in last 2 days and this range break out will give following decisive moves:-
1- Termination of 6 days old pull back rally below 5108/5085 or
2- Continuation of rally above 5125/5160 but strong resistances at higher levels therefore complete consolidation is required.
Mixed intraday patterns therefore will be safer to get confirmation through break out of above mentioned ranges for next strong trend.
last 90 minutes intraday patterns are also showing mixed formations therefore sustaining beyond 5112-5140 will be firstly watched for confirmation on next Monday.
Today intraday charts are showing that Nifty traded most of the time between last Friday range(5112-5140) and again traded with mixed intraday patterns in last 3 hours between 5108-5125.
It is clear that next strong moves have been cooked between 5108-5140 in last 2 days and this range break out will give following decisive moves:-
1- Termination of 6 days old pull back rally below 5108/5085 or
2- Continuation of rally above 5125/5160 but strong resistances at higher levels therefore complete consolidation is required.
Mixed intraday patterns therefore will be safer to get confirmation through break out of above mentioned ranges for next strong trend.