Nifty Technical Analysis

Wednesday. Nifty is facing sharper selling pressure near 4800. In last 3 days more than 5 times Nifty got hammered 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. Capital Goods  stocks were weakest for the day. Global market trend was up during  Indian stock market hours.

Observations:

  • RIL  , Maruti , DLF  are  relatively weaker than Nifty.
  • 4810-4840 zone 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 : 0.90

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 : M&M.

- Nishant Kalaskar.

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This entry was posted on Wednesday, February 10th, 2010 at 5:38 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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