Nifty Technical Analysis
Wednesday Nifty opened with gap on downside and had free fall of about 150 points. Bears are having total control over market. Nifty could not establish any intra day support due to free fall in market. Intra day resistance for Nifty was near 4900. Auto , Metal stocks were the weakest for the day. Global market trend was down during Indian market hours.
Observations:
- Important support of 5000 level is broken decisively on Nifty today. There is threat of bear market.
- Today’s Volatility highest in last one month.
- The fall in Nifty from 19 Jan 2010 is the sharpest in last four months.
- Last Friday market has given Poor weekly closing with long term impact.
Market Technicals:
Market Breadth : 0.05
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 4840 , 4800 ,4730 , 4 690 , 4650 , 4050 , 3300 .
Resistance levels for Nifty are 4935 ,4985 ,5180 , 5130 ,5240 , 5330 , 5570.
Breakout Stocks of the day : SBI , Tata Steel , Ibulls Real .
- Nishant Kalaskar.
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This entry was posted on Wednesday, January 27th, 2010 at 3:37 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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