Nifty Technical Analysis

Tuesday Nifty opened with gap of 40 points on upside and it was climax of the short term uptrend, the 4950 level proved important resistance. Short term trend of Nifty is down now. Nifty intra day support was near 4820. Intra day  resistance for Nifty was near 4950 , 4920 , 4900. Bank  stocks were weakest for the day. Global market trend was direction-less during  Indian stock market hours.

Observations:

• Short term downtrend started today.
• Important support of 5000 level has been  broken decisively on Nifty.
• 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 : 0.20

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 , 4470,  4050 , 3300 .

Resistance levels for Nifty are 4945 , 4985 , 5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : IDFC .

- 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.

This entry was posted on Tuesday, February 2nd, 2010 at 4:22 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.