Intraday Analysis of Nifty - 23rd Jul 09

Nifty Chart - 5 mins:

Due to strong global scenario Nifty opened a gap up of 46 points. As it opened a gap above 4440 which was a bear border, bulls became strong smacking down the bears. Nifty retested the gap twice and succeeded to move up. Every time when it tested the gap bottoming tail candles are clearly visible, showing the strength.

Nifty formed a symmetric triangle near the gap support, coiled inside around 2 hours with lower volumes. Due to Thrust developed by the pattern it busted out with big volumes and the spread of the bar is also big. It reached the target of the pattern in 1 min but important point to note is this consolidation will give good support for bulls in near future.