Nifty Technical Analysis

Thursday Nifty opened with gap on upside and for next two hours the was positive sentiment in the market. But still Bears are having  control over market and because of that market had sharp fall of 100 points in Nifty after testing 4930. Nifty intra day support was near 4960. Intra day  resistance for Nifty was near 4930. Metal, Banks, Pharma stocks were the strongest for the day. Global market trend was up during  Indian stock market hours.

Observations:

  • Moderate chances of short term uptrend.
  • Important support of 5000 level has been  broken decisively on Nifty.
  • High Volatility seen in market.
  • The fall  in Nifty from 19  Jan 2010 is the sharpest in last four months.
  • On 22 Jan 2010, Friday market has given Poor weekly closing with long term impact.

Market Technicals:

Market Breadth : 1.50

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 are  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 : Bharti Airtel , Axis Bank .

- Nishant Kalaskar.

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SUBSCRIBE Swing Trading Calls

We are holding Nifty 5200 Put  Option & Nifty 5300 Put Option

from Wednesday ,  20 Jan 10 morning till expiry.

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This entry was posted on Thursday, January 28th, 2010 at 3:50 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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