Nifty Today
Friday Nifty opened with optimism to touch the target of 5120, it got hammered in that zone. Nifty established 5070 as intra day support. Metal stocks were strongest for the day. Global market trend was down during Indian stock market hours.
Observations:
- Moderate chances of short term downtrend.
- Intermediate uptrend have target of 5120 , 5400 levels. Nifty is trading just near 5120 so there are high chances of Nifty touching that level. 5400 is looking impossible at present , but anything can happen in intermediate uptrend , so be ready.
- Important moving average lines are in the zone of 4920 to 4970.
Market Technicals:
Market Breadth : 1.50
Market Trends : Short term trend of market is up. Intermediate trend is UP.
Intermediate trend of market will turn DOWN if market closes bellow 4805 & 16075 for Nifty & Sensex respectively.
Support levels for Nifty are 5050 , 4950 , 4840 , 4800 ,4690 , 4650 , 4470, 4050 , 3300 .
Resistance levels for Nifty are 5120 , 5160 , 5195 , 5220 , 5240 , 5330 ,5400, 5570.
Breakout Stocks of the day : DLF
This entry was posted on Friday, March 5th, 2010 at 4:42 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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