Nifty Technical Analysis

Wednesday. Nifty had a strong opening with gap in the morning. Above 4910 Nifty faced selling and was moving sideways with very low bull power. Nifty established 4885 as intra day support. Intra day  resistance for Nifty was near 4930. Metal stocks were strongest for the day. Global market trend was up during  Indian stock market hours.

Observations:

  • Institutional interest in investment will be confirmed on decisive closing of Nifty above 4980.
  • Moderate chances of Market  testing 4950 on Nifty , the level above which the intermediate trend will turn up.
  • 4500 zone on Nifty is an important target for this intermediate downtrend.

Market Technicals:

Market Breadth : 1.80

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 : Mundra Port.

- Nishant Kalaskar.

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This entry was posted on Wednesday, February 17th, 2010 at 3:46 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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