Market Today
Thursday Market was full of wild swings. It found support near 4900 on Nifty. Then rallied to 5000 due to short covering & failed to sustain above 5000. Global market trend was down during Indian Market hours.
Now there are two possibilities 1) Market will break 5040 on closing basis with sharp up move. 2) Market will test the key point of 4780 on Nifty bellow which the new Medium term downtrend will start.
Lets see what happens. Protect Profit.
Market Breadth : 1.40
Market Trends : Short term trend of market is down. Medium term trend is UP. Medium term trend of market will turn down if market closes bellow 4780 & 16120 for Nifty & Sensex respectively.
Support levels for Nifty are 4940 , 4900 , 4840 , 4800 , 4780 , 4730 , 4680 , 4650 , 4580.
Resistance levels for Nifty are 5000 , 5040 , 5060 , 5220 , 5470 ,5650 , 5800 , 6380.
Breakout Stocks : Wipro , Vijaya Bank , Syndicate Bank , NTPC , JSW Steel , HDFC Bank (+ve). Tata Comunication , Infosys (-ve).
Compressed Stocks : IDFC , Jindal Steel , Gmr Infra , RInfra , Sesa Goa , Canbank .
(Reading Glossary is recommended for better understanding of this column)
Tags: Nifty, nifty resistance, nifty support, share market, technical analysis of nifty, treding
This entry was posted on Thursday, September 24th, 2009 at 3:52 pm 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.
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