Daily Nifty analysis

Reading Glossary is recommended for better understanding of this column

Nifty Chart 17 May 10

Observations & Possibilities:

  • High volatility seen in market. 4980 acting as important support on Nifty.
  • 4850 & 4620 levels are possible on downside for Nifty .
  • Intermediate trend of Nifty will turn UP if  it  closes above 5210.
  • The  red trend line in the chart is important supply zone.
  • Moderate risk in initiating  fresh long term investment.(See the bearish stocks at the end of  this column.)

Market Technicals:

Market Breadth : 2.00

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

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

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

Resistance levels for Nifty are 5120 ,5200,5280 ,  5340 , 5400, 5570 , 5740.

Bearish Stocks : NHPC , Rolta India Ltd. , Prakash Industries Ltd. , Moser Baer (I) Ltd , Kingfisher Airline ltd. , Jaiprakash Associates Ltd. , BHEL , Aptech ltd.

-Nishant Kalaskar.(9881575125)
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This entry was posted on Monday, May 17th, 2010 at 5:41 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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