Nifty Technical Analysis

Friday Nifty opened with gap on downside and for next three hours there was negative sentiment in the market. Market made panic low at 4766 after the CRR news and then  there was sharp rise of 100 points in Nifty. Nifty intra day support was near 4780. Intra day  resistance for Nifty was near 4880.  Banks stocks were the strongest for the day, while metals stocks were weakest. Global market trend was direction-less during  Indian stock market hours.

Observations:

• High 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.
• 4650 important support for Nifty. Its 200 day average price of Nifty.

Market Technicals:

Market Breadth : 1.80

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 : Suzlon .

- Nishant Kalaskar.

-                                                                                                                                 -

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This entry was posted on Friday, January 29th, 2010 at 4:08 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.