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Firstly watch next trend decider 5200-5250

Technical Analysis,Researches & Market Outlook
(03-08-2012)

Nifty-Intra Day Chart (Aug 01 & Aug 02,2012):-
Just click on chart for its enlarged view
Technical Patterns and Formations in last 2 Sessions intraday charts

1- Consolidation between 5213-5226 on 01-08-2012
2- Selling between 5238-5246 on 01-08-2012
3- Consolidation between 5210-5224 on 02-08-2012
4- Two sessions trading between 5210-5246

Conclusions from 2 Sessions intra day chart analysis 

Completely narrow range trading within 36 points and between most crucial resistance range(5200-5250) with both lower levels consolidations and higher levels selling. Although Nifty is trading above long term trend decider 200-Day SMA and 200-Day EMA for the last 4 sessions but sustaining above confirmation is required yet.

As both buying and selling patterns are seen in last 2 sessions therefore it will be understood that technically Indian markets are not prepared for any side decisive moves and if sentiment does not remain boiling then Nifty will firstly trade and prepare for next trend within mentioned resistance range(5200-5250).

Although US and European markets are in deep Red at this moment but lower levels intraday support seen today therefore sustaining above 5250 possibilities are still alive. Finally  forceful break out or sustaining beyond 5200-5250 will be next trend confirmation and should be firstly watched.
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