Nifty Technical Analysis

Nishant Kalaskar — Thu, 28 Jan 2010 10:20:03 +0000

Thursday Nifty opened with gap on upside and for next two hours the was positive sentiment in the market. But still Bears are having control over market and because of that market had sharp fall of 100 points in Nifty after testing 4930. Nifty intra day support was near 4960. Intra day resistance for Nifty was near 4930. Metal, Banks, Pharma stocks were the strongest for the day. Global market trend was up during Indian stock market hours.

Observations:

Moderate chances of short term uptrend.
Important support of 5000 level has been broken decisively on Nifty.
High Volatility seen in market.
The fall in Nifty from 19 Jan 2010 is the sharpest in last four months.
On 22 Jan 2010, Friday market has given Poor weekly closing with long term impact.

Market Technicals:

Market Breadth : 1.50

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

Intermediate trend of market will turn UP if market closes above 5290 & 17712 for Nifty & Sensex respectively.

Support levels for Nifty are 4840 , 4800 , 4730 , 4 690 , 4650 , 4050 , 3300 .

Resistance levels for Nifty are 4935 , 4985 , 5180 , 5130 ,5240 , 5330 , 5570.

Breakout Stocks of the day : Bharti Airtel , Axis Bank .

- Nishant Kalaskar.

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Nifty Technical Analysis

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