Nifty news letter

Observations & Possibilities:

• Despite of global strength Nifty failed to start fresh uptrend today.
• Intermediate trend of Nifty will turn UP if  it  closes above 5210.
• The two red trend lines in the chart are acting as resistance for Nifty in 5190 to 5220 zone.
• The Blue trend line resistance for Nifty: (5260 to 5290 zone)
• On downside 4980 is the important level for Nifty.
• Moderate risk in initiating  fresh long term investment.

Market Technicals:

Market Breadth : 1.90

Market Trends : Short  term trend of market is up. Intermediate trend is DOWN.

Intermediate trend of market will turn UP if market closes above 5210 for Nifty.

Support levels for Nifty are 5120 , 5050, 4840 , 4680 , 4200 , 3500.

Resistance levels for Nifty are  5200,5280 ,  5340 , 5400, 5570 , 5740.

-Nishant Kalaskar.  (9881575125)

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This entry was posted on Thursday, May 13th, 2010 at 6:22 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.