Nifty Technical Analysis
Friday ,Nifty joined the global bloodbath. It cracked the level of 4830 decisively today. Nifty established 4700 as intra day support. Intra day resistance for Nifty was near 4740. Though there is weakness in all sectors metal stocks were weakest for the day. Global market trend was down during Indian stock market hours.
Observations:
- All global markets including Indian market are in strong downtrend. (ADX(14) >30). Investors should protect their capital.
- Minor chances of short term uptrend , which will be used for loss booking by trapped bulls.
- 4500 zone on Nifty is an important target for this downtrend.
- Intermediate trend of market will turn UP if market closes above 4950 & 16553 for Nifty & Sensex respectively.
- 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 : 0.10
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 4690 , 4650 , 4470, 4050 , 3300 .
Resistance levels for Nifty are 4730 , 4800 , 4840 ,4945 , 4985 , 5180 , 5130 ,5240 , 5330 , 5570.
Breakout Stocks of the day : RIL.
- Nishant Kalaskar.
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Tags: ADX, Breakout Stock, Daily Nifty Analysis, medium term trend, medium term trend of stocks, nifty resistance, nifty support, Nifty target, Nifty Tips, share trading, short term trend, stock market, technical analysis of nifty, Trading tips, trend
This entry was posted on Friday, February 5th, 2010 at 6:47 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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