When Nifty was trading near today lows then following lines were told in Post-open Outlook(08-08-2011) and Nifty recovered more than 120 points after our posting:-
"Intraday support seen between 5055-5067 today and this support must be saved"
Good recovery seen from lower levels today and Nifty is trading between last Friday trading range(5120-5224). Our previous Outlooks are live proofs of this fact that we gave following 3 levels for next trend deciding:-
1- 5120-5224 (Good consolidation within it last Friday)
2- 5171( Nifty got support near it 3 times in last 13 months)
3- 5211-5225(Nifty closed near it 3 times in last 13 months)
Good recovery seen from lower levels between 5055-5067 and Nifty is trading between last Friday range(5120-5224) for the last 2 hours. Good consolidation at lower level but Nifty slipped from higher levels also today.
Huge voltality and next moves confirmation range is sustaining beyond 5055-5224. As follow up buying seen today after last Friday consolidations therefore pull back rally possibility will also be considered but above 5224.