Nifty Technical Analysis

Monday. Nifty failed to sustain above 4840. As written on Thursday many stocks faced selling pressure throughout the day.  Nifty established 4790 as intra day support. Intra day  resistance for Nifty was near 4840. IT stocks were strongest for the day. Global market trend was direction less  & weak during  Indian stock market hours.

Observations:

  • The weak  recovery in Nifty from 8th Feb 2010 is making risk reward ratio less attractive for bulls.
  • 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 : 0.35

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 : Bharti Airtel , BOI.

- Nishant Kalaskar.

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This entry was posted on Monday, February 15th, 2010 at 4:03 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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