Nifty-Micro Analysis of Intra Day Chart (07-06-2011)
Main Features
1- Consolidation pattern between 5510-5540
2- Last 2 hours mixed patterns between 5550-5570.
Conclusions
Continuous up moves with lower levels good consolidations and mixed patterns between 5550-5570 in last 2 hours today therefore trading between this range or beyond this range will be watched first tomorrow.
Market Outlook(08-06-2011)
Good supports at lower levels and next crucial resistance range is 5580-5604. Nifty traded 2 hours just below it with mixed patterns yesterday. Nifty has already retraced from this range 5 times in last 27 sessions therefore view will remain cautious but it does'not mean that this time Nifty will again retrace from mentioned resistance range.
Although mentioned resistance range will be firstly watched tomorrrow but expected that Nifty will finally consolidate between mentioned resistance range and decisive rally above 5605 will start from within couple of sessions.
For precaution sustaining beyond mentioned resistance range(5580-5604) must be watched first for next moves confirmations.
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1- Consolidation pattern between 5510-5540
2- Last 2 hours mixed patterns between 5550-5570.
Conclusions
Continuous up moves with lower levels good consolidations and mixed patterns between 5550-5570 in last 2 hours today therefore trading between this range or beyond this range will be watched first tomorrow.
Market Outlook(08-06-2011)
Good supports at lower levels and next crucial resistance range is 5580-5604. Nifty traded 2 hours just below it with mixed patterns yesterday. Nifty has already retraced from this range 5 times in last 27 sessions therefore view will remain cautious but it does'not mean that this time Nifty will again retrace from mentioned resistance range.
Although mentioned resistance range will be firstly watched tomorrrow but expected that Nifty will finally consolidate between mentioned resistance range and decisive rally above 5605 will start from within couple of sessions.
For precaution sustaining beyond mentioned resistance range(5580-5604) must be watched first for next moves confirmations.