Market Today
Wednesday Market was the strongest among global markets. Market has given closing above 5040 , and has started new Medium term uptrend. Bank Stocks were the strongest. Nifty is trading at discount in futures market. Global market trend was weak but positive during Indian market hours.
New medium term uptrend has technical target of 5125 & 5265 on Nifty. Breakout day for Market.
Market Breadth : 4.3
Market Trends : Short term trend of market is up. Medium term trend is UP. Medium term trend of market will turn down if market closes bellow 4900 & 16490 for Nifty & Sensex respectively.
Support levels for Nifty are 5060 , 5040 ,5000 , 4940 , 4900 , 4840 , 4800 , 4780 , 4730 .
Resistance levels for Nifty are 5125 , 5220 , 5265 , 5470 , 5650 , 5800 , 6380.
Breakout + Fresh Medium term UPTrend started in Axis Bank , BHEL , BOI , IOB , BEL , Maruti Suziki , L&T , Kotak Bank , Yes Bank , TCS , SBI , Wipro , Everonn , Elcon Eng. , Edelweiss Cap. , Dwarikesh Sugar , Dishman Pharma , Deccan Chronical , Brigade Ent , Bhushan Steel , AIA Eng. , Kolate Patil , Karur V. Bank . , GHCL , Geojit Fin. , Omex , SRF , Religare , Parswanath ,
Breakout + Fresh Medium term Downtrend started in Tata Tea.
Performance of some of the Breakout Stocks on 22 September 09 after 7 trading sessions HDFC (+4.6%) , BEL (+7%) , UCO Bank (+14%). Stop Loss of 2% was used.
Reading Glossary is recommended for better understanding of this column.
Tags: medium term trend, Nifty 50
This entry was posted on Wednesday, September 30th, 2009 at 3:34 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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