Nifty-Intra Day Chart(02-06-2011):-
Main Features
Sentiment was extremely depressed due to tanking global markets but Indian markets got intraday support immediately after opening and whole day outperformed global markets and traded narrow between 5538-5568.
Today intraday pateerns are not suggesting clear selling or buying and last 2 sessions are range bound with mixed intraday patterns therefore markets require more preparation in the coming sessions for decisive trending moves. Although higher levels selling but lower levels supports also and good lower level support amid most depressing sentiment after weak opening today.
It will be the best to wait for markets complete preparation for next moves and then break out last 2 sessions range(5530-5597)