Nifty Technical Analysis

Monday Nifty opened with gap on downside and was holding 4800 level in the morning then it had weak rally up to 4920. Short term trend of Nifty is up now. Nifty intra day support was near 4820. Intra day  resistance for Nifty was near 4920.  Consumer Durable stocks were the strongest for the day, while FMCG  stocks were weakest. Global market trend was direction-less during  Indian stock market hours.

Observations:

• Short term uptrend started today.
• 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 : 2.80

Market Trends : Short  term trend of market is up. 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 : BPCL , Cummins Ind .

- Nishant Kalaskar.

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SUBSCRIBE Swing Trading Calls

we were holding Nifty 5200 Put  Option & Nifty 5300 Put

Option from Wednesday ,  20 Jan 10 morning till expiry.

Tags: Breakout Stock, Daily Nifty Analysis, medium term trend, medium trend of stocks, Nifty, nifty resistance, nifty support, sensex, Techncial Analysis, trading rules, Trading tips

This entry was posted on Monday, February 1st, 2010 at 4:21 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.