Trends Today

Nifty Technical Analysi

Thursday. Nifty Crossed the 3 day resistance of 4800 & was trading above it throughout the day. 4840 is another important resistance for Nifty to deal with. Nifty established 4810 as intra day support. Intra day  resistance for Nifty was near 4840. Auto  stocks were strongest for the day. Global market trend was up during  Indian stock market hours.

Observations:

• Market overbought in short term. Some stocks might face selling pressure on Monday.
• Market in a make or break situation.
• (4830-4840 ) & (4880- 4920) zones on  Nifty are very important resistance &  may face heavy selling..
• 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 : 13.50

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 : RIL.

- Nishant Kalaskar.

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This entry was posted on Thursday, February 11th, 2010 at 5:33 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.