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Post-open Outlook(08-08-2012)

As "Bearish Rising Wedge" formation was seen between 5330-5350  yesterday therefore following technical requirement was updated in both previous Outlooks:-

"consolidation is required for a strong rally above 5365"

Nifty is trading between 5339-5361 since opening today and slipped also from intraday higher levels but sustaining beyond 5330-5365 should be firstly watched for confirmation of final market positions between most crucial and next trend deciding resistance range(5300-5365)

As both consolidations and "Bearish Rising Wedge" formation was seen between 5300-5350 yesterday therefor more preparation is required for next decisive moves. Let market prepare and market take positions then next moves will be updated from intraday charts formations.