Nifty Technical Analysis
Monday ,Nifty witnessed short covering bellow 4700 . Nifty established 4700 as intra day support. Intra day resistance for Nifty was near 4800. IT stocks were strongest for the day. Global market trend was mix during Indian stock market hours.
Observations:
- All global markets including Indian market are in strong downtrend. (ADX(14) >30). Investors should protect their capital.
- Intra day rallies might 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 : 1.10
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 4730 ,4690 , 4650 , 4470, 4050 , 3300 .
Resistance levels for Nifty are 4800 , 4840 ,4945 , 4985 , 5180 , 5130 ,5240 , 5330 , 5570.
Breakout Stocks of the day : LIC Hsg. Fin.
- Nishant Kalaskar.
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This entry was posted on Monday, February 8th, 2010 at 4:33 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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