Nifty-Micro Analysis of Intra Day Chart For
02-08-2012
Nifty-Intra Day Chart (01-Aug-2012):- |
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1- Consolidation between 5213-5226
2- Selling between 5238-5246
3- Whole day trading between 5213-5246
Conclusions from intra day chart analysis
Whole day narrow range trading within 33 points but both consolidations and distribution patterns therefore more preparations is required for next decisive moves near about today trading range.
Nifty is trading above long term trend decider 200-Day SMA and 200-Day EMA but selling patterns also seen within resistance range(5200-5250) today therefore all trends turning up confirmation is required through forceful break out or sustaining above 5250 for next up moves confirmations.
Firstly watch sustaining beyond 5200-5250 tomorrow for next trend confirmations because it will give confirmations to Long Term Trend fate.