Nifty Technical Analysis
Monday Nifty was unable to break the 5300 zone on upside. Intra day support for Nifty was near 5260 & resistance near 5280. Bank stocks were the strongest for the day while pharma stocks were weaker than market. Global market trend was down during Indian market hours.
Long term indicators not supporting the Nifty’s up move on weekly charts.
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Market Breadth : -
Market Trends : Short term trend of market is up. 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 : MRPL.
Reading Glossary is recommended for better understanding of this column.
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This entry was posted on Monday, January 18th, 2010 at 7:06 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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