Nifty Technical Analysis
Tuesday Nifty was again unable to break the 5300 zone on upside but has broken the 5240 mark on downside. Intra day support for Nifty was near 5220 & resistance near 5280. Bank stocks were the strongest for the day while IT stocks were weaker than market. Global market trend was down during Indian market hours.
Short term trend of Nifty is down now.
Long term indicators not supporting the Nifty’s up move on weekly charts.
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Market Breadth : 0.70
Market Trends : Short term trend of market is down. Intermediate trend is UP.
Intermediate trend of market will turn DOWN if market closes bellow 5170 & 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 : BPCL.
Reading Glossary is recommended for better understanding of this column.
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Tags: Breakout Stock, Daily Nifty Analysis, intermidate trend, market breadth, market breadth analysis, medium term trend, medium term trend of stocks, Nifty Tips, sensex, share trading, stock market, Techncial Analysis, technical analysis of nifty, Trading tips
This entry was posted on Tuesday, January 19th, 2010 at 4:39 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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