Market Today
Friday Market showed strenght in the morning. Faced selling near 4990. Got support near 4940. Pharma stocks outperformed market. Global market trend was down during Indian market hours.
Out of two probabilities mentioned yestearday Nifty has failed to close above 5040 , now lets check the second probability of Nifty testing 4780. Picture will be clear soon.
Nifty Closing bellow 5000 & Nasdaq closing bellow 2100 on Friday are poor weekly closing. Long term indicators not supporting the uptrend in Nifty.
Market Breadth : 0.70
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 , 4660 , 4580 , 3900.
Resistance levels for Nifty are 5000 , 5040 , 5060 , 5220 , 5470 , 5650 , 5800 , 6380.
Breakout Stocks : Unitech , Glenmark Pharma , Divis Lab , Cairn , Madhucon Proj. , IDBI , United Phosp. , TechMah, SunPharma , RCF , DivisLab , KS Oils, GSPL , GTL Infra , .
Compressed Stocks : Telco , Sterlite , SBI , ICICI Bank , Hindalco , HCL Tech , GMR Infra , Bharat Forge , Ambuja Cement , ACC.
Reading Glossary is recommended for better understanding of this column.
Tags: breakout stocks, compressed stocks, Daily Nifty Analysis, medium term trend, Nasdaq, Nifty, nifty resistance, nifty support, sensex, stock, stock trend, Stock trends, technical analysis indicators, technical analysis of nifty, trading strategies
This entry was posted on Friday, September 25th, 2009 at 3:43 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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