Nifty Technicals

Thursday. Nifty is  losing bull power  near the important zone of 4920 to 4950. RIL was weaker than the market today. Nifty established 4885 as intra day support. Bank stocks were strongest for the day. Global market trend was down during  Indian stock market hours.

Observations:

  • Tomorrow Nifty may test 4840 on down side.
  • Important moving average lines are acting as resistance in the zone of 4920 to 4980.
  • 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 : 0.40

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

Resistance levels for Nifty are 4950 , 4985 ,5060, 5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : RIL , Unitech.

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This entry was posted on Thursday, February 18th, 2010 at 3:58 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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