Nifty Technical Analysis
Monday Nifty managed to stay above the Friday low and now there are moderate chances of short term uptrend. Intra day support for Nifty was near 4980 & resistance near 5020. Auto 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:
- The fall in Nifty from 19 Jan 2010 is the sharpest in last four months.
- Trend line support of 5000 broken for Nifty on weekly chart.
- Last Friday market has given Poor weekly closing with long term impact.
Market Technicals:
Market Breadth : 0.57
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 : Bharti Airtel .
Reading Glossary is recommended for better understanding of this column.
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Tags: Daily Nifty Analysis, medium term trend, Nifty, nifty resistance, nifty support, Nifty Tips, share market, sotck market, technical analysis of nifty, trading strategies, Trading tips, trend
This entry was posted on Monday, January 25th, 2010 at 9:32 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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