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Follow up consolidation required for next Rally above 5400

Nifty-Micro Analysis of Intra Day Chart For 16-08-2012

Nifty-Intra Day Chart (14-Aug-2012):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Consolidation between 5330-5355
2- Mixed Patterns between 5367-5386
3- Whole day trading between 5330-5386

Conclusions from intra day chart analysis 

Although closing near the highs of the day but last more than 3 hours trading with mixed intraday patterns therefore more consolidation is required for a sustained rally above 5386.

 As mixed intraday patterns more than 3 hours therefore colsolidation is firstly required for a decisive rally. Finally rally is expected but follow up consolidation is first demand for next up moves above 5400.
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