Nifty Technical Analysis
Tuesday Nifty has broken important support of 5240 on closing basis . Intra day support for Nifty was near 5200 & resistance near 5270. IT stocks were the strongest for the day while bank stocks were weaker than market. Global market trend was down during Indian market hours.
Moderate chances of short term trend turning up. Lets see what happens at 5160 on Nifty.
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Market Breadth : 0.20
Market Trends : Short term trend of market is DOWN. Intermediate trend is UP.
Intermediate trend of market will turn DOWN if market closes bellow 5160 & 17323 for Nifty & Sensex respectively.
Support levels for Nifty 5180 , 5130 , 5080 , 4985 , 4800 , 4 700.
Resistance levels for Nifty are 5240 , 5330 , 5570 , 5630 , 5740,5825 , 5950 , 6200
Breakout Stocks of the day : Hindalco , ICICI Bank.
Reading Glossary is recommended for better understanding of this column.
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Tags: Breakout Stock, Daily Nifty Analysis, market breadth analysis, medium term trend, medium trend of stocks, nifty support, Nifty target, nifty technical analysis, Nifty Tips, share market, technical analysis of nifty, trading strategies
This entry was posted on Tuesday, January 12th, 2010 at 3:35 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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