Nifty today
Monday Nifty opened with optimism and touched the target of 5120. Nifty established 5110 as intra day support. Auto stocks were strongest for the day. Global market trend was up during Indian stock market hours.
Observations:
- 5200 is important resistance zone for Nifty.
- Market overbought in short term.
- 5400 is looking impossible at present , but any upside is possible in intermediate uptrend , so be ready.
Market Technicals:
Market Breadth : 2.20
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 : ABB
This entry was posted on Monday, March 8th, 2010 at 4:11 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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