Trends Today

Market Today

Thursday: Directionless Market.Expecting Decisive Move.
Nifty 4453,Sensex 15012.
Market opened with gap.It could not break the resistance of 4480 on Nifty for four hours.

Bank Stocks outperfromed the market.
From last one month Nifty is Stuck in the range of 4400 to 4700.
For Sensex ,the range is 14800 to 16000.Breakout from these levels will bring fresh positions.

Tomorrow onwards we can expect two decisive probabilities:
1. Test of the Medium term downtrend by trying to cross 4600 on Nifty & 16000 on Sensex.
2. Break bellow 4400 & 14800 to continue the downtrend.

Short term trend is  down. Medium term trend is down.
Medium term trend will turn to up if Nifty & Sensex closes above 4620 & 15560 respectively.

Market Breadth
Indian Advance/Decline ratio:5.7
Support
  Nifty :4400 ,4360 , 4233 , 4120 , 3900 ,3750.
 Sensex : 14400 , 14000 , 13240, 12950 ,11500 ,8700.

Resistance
  Nifty: 4480 ,4560, 4600, 4730, 5170, 5370, 5970.
  Sensex: 15150 ,15200, 15500, 16000, 17100, 19500.
Breakout Stocks:
+ve : Idea Cellular, HOCL.

Compressed Stocks:
Ashok Leyland , BOB, DLF,GMR Infra

(Reading Glossary is recommended for better understanding of this column)

This entry was posted on Friday, August 21st, 2009 at 10:23 am and is filed under Daily Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.