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1- Selling between 5785-5808
2- Support between 5682-5720
3- Mixed Patterns between 5712-5769 in last 4 hours.
4- Whole day actual trading between 5682-5808
Conclusions from intra day chart analysis
NSEL news led confusion and resultant highly volatile market in first 2 hours,firstly crashing from higher levels after some selling but lower levels supports also seen today. Lower levels supports between 5677-5720 yesterday and follow up support seen between this range therefore strengthening of supports and base formation today and until Nifty will not sustain below 5677 till then next down moves will not be considered.
Corrective Wave-C continuation but Very Short Term up moves/Bounce back/Pull Back Rally can not be ruled out after lower levels suppots and its possibility is very much alive because lower levels supports in previous 2 sessions. Last 4 hours trading between 5712-5769 with mixed Patterns therefore valid break out of this range is next Short Term Trend decider and should be firstly watched tomorrow, As consolidation patterns seen within this range therefore high possibility of sustaining above 5769 and Pull Back Rally continuation.