Trends Today

Nifty Technicals

Tuesday Nifty faced selling pressure near 4800. Market may move sideways between 4680 & 4840 as a pause in downtrend. Nifty established 4740 , 4780 as intra day support. Intra day  resistance for Nifty was near 4800. IT  stocks were strongest for the day. Global market trend was up during  Indian stock market hours.

Observations:

• RIL is relatively weaker than Nifty.
• 4840 level on  Nifty is very important resistance &  may face heavy selling.
• Intra day rallies  might  be used for loss booking  by trapped bulls.
• 4500 zone on Nifty is an important target for this downtrend.
• The fall  in Nifty from 19  Jan 2010 is the sharpest in last four months.

Market Technicals:

Market Breadth : 3.20

Market Trends : Short  term trend of market is up. 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 : Grasim.

- Nishant Kalaskar.

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Tags: Breakout Stock, DAILY CALLS, Daily Nifty Analysis, Global market, intermidate trend, medium term trend, Nifty Tips, RIL, stock market, Stock trends, technical analysis of nifty, Trading tips, trend

This entry was posted on Tuesday, February 9th, 2010 at 5:14 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.