Nifty-Intra Day Chart(02-Sep-2011):-
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1- Selling between 5037-5064
2- Buying between 5007-5026
3- Buying between 4995-5022
3- Whole day trading between 4995-5064
Conclusions
Nifty traded whole day between 4995-5064 with lower level buying but good selling at higher level also therefore down moves can not be ruled out in the beginning of next week. As Indan markets out performed Global markets and lower levels buying also therefore firstly follow up selling and then sustaining below 4995 is must for fresh down moves confirmation.
US markets closed more than 2.2% down yesterday and sustaining below 4995 will mean risk of on going Pull Back rally termination. As strong support between 4929-4995 also therefore this range must be watched for the reply of following question:-
On going Pull Back rally is surviving or not?