Nifty Today
Tuesday Nifty was trading sideways near the 5120 level , a pause in uptrend. Nifty established 5100 as intra day support. Metel stocks were weakest for the day. Global market trend was directionless during Indian stock market hours.
Observations:
- A compressed day is formed on Nifty chart. Expect 2 to 8% move in coming days.
- Market is overbought in short term. High chances of short term downtrend.
- 5200 is important resistance zone for Nifty.
- 5400 is looking impossible at present , but any upside is possible in intermediate uptrend , so be ready.
Market Technicals:
Market Breadth : -
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 : TTML
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This entry was posted on Tuesday, March 9th, 2010 at 6:06 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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