Nifty Technical Analysis
Thursday ,Nifty as written yesterday faced selling pressure throughout the day. It failed to hold the important level of 4880 & cracked to test the t level of 4840. Short term trend of Nifty is down now. Nifty intra day support was near 4880. Intra day resistance for Nifty was near 4910. Auto & IT stocks were weakest for the day. Global market trend was down during Indian stock market hours.
Observations:
- Pause in intermediate downtrend seems to be over.
- Intermediate trend of market will turn UP if market closes above 4950 & 16553 for Nifty & Sensex respectively.
- 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 4950 & 16553 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 : Rpower , ACC.
- 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 50, nifty daily tips, nifty resistance, nifty support, Nifty Tips, sensex, short term trend, technical analysis of nifty, trading strategies, trend
This entry was posted on Thursday, February 4th, 2010 at 4:31 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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