Nifty-Intra Day Chart(01-Aug-2011):-
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1- Selling between 5520-5545
2- Buying between 5490-5507
3- Whole day trading range 5490-5545
Conclusions
Whole day trading amid most bullish global sentiment but selling at high levels between 5520-5545 and buying at lower levels between 5490-5507. Nifty traded whole day between 5490-5545 and next resistance is just above it within 5560-5595 and support is also below today range between 5460-5485.
It is clear that Nifty traded between next supports and resistances with both intraday buying and selling patterns on 02-08-2011. Global sentiments based high voltality is being seen nowadays and all the Global markets remained most bullish on the back of Dow's Futures whole day trading more than 150 points up on 02-08-2011 while Dow Jones is trading more than 75 points down at this moment. When such uncertainity is being observed then next trend will get confirmation through break out of any crucial support/resistance which are as follows:-
1- Next trend first indication range is sustaining beyond 5490-5545
2- Next trend confirmation range is sustaining beyond 5460-5595
Next moves confirmation levels have been given above but upmoves are also expected despite US markets deep Red trading because yesterday intraday pattern is suggesting consolidation formations.