Nifty Technical Analysis
Wednesday Nifty opened with gap on upside and went to test the important level of 4950 and failed to cross that. Short term trend of Nifty is up now. Nifty intra day support was near 4920. Intra day resistance for Nifty was near 4950. FMCG stocks were strongest for the day. Global market trend was UP during Indian stock market hours.
Observations:
- Market is Overbought in short term. Some stocks may face selling pressure tomorrow.
- Nifty may test 50EMA which is 5050. Decisive closing above it is indication of institutional interest.
- 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 : 6.60
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 , 4470, 4050 , 3300 .
Resistance levels for Nifty are 4945 , 4985 , 5180 , 5130 ,5240 , 5330 , 5570.
Breakout Stocks of the day : HDFC .
- Nishant Kalaskar.
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Tags: Breakout Stock, DAILY CALLS, Daily Nifty Analysis, Global market, medium term trend, medium term trend of stocks, Nifty, nifty resistance, nifty support, short term trend, sotck market, stock trend, technical analysis of nifty, technical calls, Trading tips
This entry was posted on Wednesday, February 3rd, 2010 at 4:28 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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