Trends Today

Nifty Technical Analysis

Tuesday. Nifty has successfully closed above 4840.  Nifty established 4790 as intra day support. Intra day  resistance for Nifty was near 4840 , 4980. AUTO stocks were strongest for the day. Global market trend was up during  Indian stock market hours.

Observations:

• Moderate chances of Market  testing 4950 on Nifty , the level above which the intermediate trend will turn up.
• (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 intermediate downtrend.

Market Technicals:

Market Breadth : 6.00

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 are4840 , 4800 ,4690 , 4650 , 4470, 4050 , 3300 .

Resistance levels for Nifty are 4945 , 4985 ,5060, 5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : Ranbaxy , ACC.

- Nishant Kalaskar.

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This entry was posted on Tuesday, February 16th, 2010 at 4:06 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.