Market outlook
Nifty might start Intermediate downtrend. Closing bellow 5170 needed.
Wednesday Nifty opened with optimism but was unable to continue on upside. Intra day support for Nifty was near 5220 & resistance near 5250. Auto & Metal stocks were the strongest for the day while Public sector stocks were weaker than market. Global market trend was down during Indian market hours.
Long term indicators not supporting the Nifty’s up move from September 09 on weekly charts. Good support near 5000 for Nifty on weekly chart.
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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 .Bajaj Auto.
Reading Glossary is recommended for better understanding of this column.
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This entry was posted on Wednesday, January 20th, 2010 at 3:47 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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