Nifty Technicals

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Observations & Possibilities:

• Nifty has given a  poor weekly closing with evidence of  profit booking by investors on weekly chart
• Failure to hold 5230 (the blue line in chart) mark on Nifty  may take it to  5130 & 5040 on downside.
• Volatility has returned  with threat to intermediate uptrend.
• Closing above 5400 will bring 5570-5600 in picture.
• Higher risk in initiating  fresh long term investment.

Market Technicals:

Market Breadth : 0.30

Market Trends : Short  term trend of market is down. Intermediate trend is UP.

Intermediate trend of market will turn DOWN if market closes bellow 5230 & 17340 for Nifty & Sensex respectively.

Support levels for Nifty are  5230 ,5040 , 4960.

Resistance levels for Nifty are 5300 ,5400,  5570 , 5740.

-Nishant Kalaskar.  (9881575125)

Tags: Breakout Stock, DAILY CALLS, Daily Nifty Analysis, medium term trend, nifty resistance, nifty support, nifty technicals, Nifty Tips, technical analysis of nifty, Trading tips

This entry was posted on Friday, April 16th, 2010 at 6:32 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.