Nifty Technical analysis

Friday Nifty opened with panic and then recovered from the day low. Bellow 518It tried to test 5180 level intraday but failed to sustain there. Intra day support for Nifty was  near 4950 & resistance near 5180.  IT stocks were the weakest for the day while FMCG stocks were strongest for the day. Global market trend was down during  Indian market hours.

Observations:

• This Friday market has given Poor weekly closing with long term impact.
• The uptrend  in Nifty from  November 09  has  lost the steam  as  compared to the rise in Nifty  till November 2009.
• Trendline support near 5000 for Nifty on weekly chart.
• Protecting 75 % of total profit is the best strategy for investors.

Market Technicals:

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  4985 ,4935 , 4840 ,  4800 ,4730 ,  4 690 , 4665 , 4050 , 3300 .

Resistance levels for Nifty are 5080 ,5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : L&T .

Reading Glossary is recommended for better understanding of this column.

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Tags: bare market, Breakout Stock, Daily Nifty Analysis, Global market, market breadth analysis, medium term trend, Nifty, Nifty 50, nifty resistance, nifty support, nifty technical analysis, technical calls

This entry was posted on Friday, January 22nd, 2010 at 3:59 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.