Trends Today

Nifty Today

Tuesday Nifty was trading in the intra day range of 4840 to 4860. One more dull trading session. Nifty established  4840 as intra day support. Pharma stocks were weakest for the day. Global market trend was down during  Indian stock market hours.

Observations:

• A compressed day  is  formed on Nifty Chart. Expecting 2 to 8 % move in coming days.
• 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 : 0.90

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 : PFC

This entry was posted on Wednesday, February 24th, 2010 at 4:17 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.