Nifty Technical Analysis

Thursday Nifty was holding 5200 level in the morning but could not hold it for long. Bellow 5180 there was free fall in Nifty till 5085. Intra day support for Nifty was  near 5180 & resistance near 5200.  Capital Goods stocks were the weakest for the day. Global market trend was down during  Indian market hours.

With decisive Closing bellow 5170  Nifty has  started fresh Intermediate downtrend.

Long term indicators are not supporting the  Nifty’s up move  from September 09 on weekly charts. Good support near 5000 for Nifty on weekly chart. Protecting 75 % of total profit is the best strategy for investors. Avoid large positions in mid cap & small cap stocks.

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Market Breadth : 0.07

Market Trends : Short  term trend of market is down. Intermediate trend is DOWN.

Intermediate trend of market will turn UP if market closes above 5290 & 17712 for Nifty & Sensex respectively.

Support levels for Nifty 5080 , 4985 , 4800 , 4 700.

Resistance levels for Nifty are 5180 , 5130 ,5240 , 5330 , 5570 , 5630 ,  5740,5825 , 5950 , 6200

Breakout  Stocks of the day : L&T .

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, Nifty target, Nifty Tips, sensex, short term trend, stock market, Techncial Analysis, technical analysis of nifty, trading range, trend

This entry was posted on Thursday, January 21st, 2010 at 3:41 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.