Nifty Today
Tuesday Nifty was trading in the intra day range of 4860 to 4880. It was a dull trading session. Nifty established 4840 as intra day support. Metal stocks were strongest & Auto stocks were weakest for the day. Global market trend was direction less during Indian stock market hours.
Observations:
- In case if Nifty closes above 4950 then that intermediate uptrend will have target of 5120 , 5400 levels.
- Important moving average lines are acting as resistance in the zone of 4920 to 4970.
- Moderate chances of Market testing 4950 on Nifty , the level above which the intermediate trend will turn up.
- 4500 , 4260 zone on Nifty are important target levels for this intermediate downtrend.
Market Technicals:
Market Breadth : 0.850
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 are 4840 , 4800 ,4690 , 4650 , 4470, 4050 , 3300 .
Resistance levels for Nifty are 4950 , 4985 ,5060, 5180 , 5130 ,5240 , 5330 , 5570.
Breakout Stocks of the day : RInfra , Cairn India.
Tags: Breakout Stock, Daily Nifty Analysis, medium term trend, medium term trend of stocks, nifty resistance, nifty support, Nifty Tips, stock market, technical analysis of nifty, trading strategies, Trading tips
This entry was posted on Tuesday, February 23rd, 2010 at 3:50 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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