Nifty-Intra Day Chart(24-Oct-2011):-
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1- More than 4 hours selling between 5125-5145
2- Down moves in falling channel.
3- Last 45 minutes mixed patterns between 5086-5103
3- Whole day trading between 5086-5145.
Conclusions
Strong Global cues led gap up opening and 4 hours trading between trading 5125-5145 with selling formations near day's highs today. Old Resistance within 5145-5220 was told in Post-open Outlook today and in Technical Analysis and Research For 24-10-2011 and selling seen today exactly below this range therefore this resistance has strengthened.
Indian Markets are range bound for the last 53 sessions reacting sharply global cues therefore all the patterns should be watched carefully. As good higher levels selling therefore more down moves are expected tomorrow but last 45 minutes mixed patterns between 5086-5103 therefore first of all sustaining beyond this range should be watched for next moves confirmations.