Stock Market Technical View
Published on Friday, July 3rd, 2009 at 1:23 PMAuthor: insight95in (92 Articles)
Will She, Won’t She ?
The Nifty gained 8 points over the day to close at 4348. A day of unplayable volatility that saw the index rally in the first hour of trading and then collapse abruptly till late in the afternoon only to witness a sharp rally once again towards the end. The move in the last couple of days clearly explains the kind of indecision in the minds and trades of the markets participants before the big event coming Monday. Technically, there is nothing negative on the charts as yet and hence we believe that the uptrend is intact. The level for 14300 is the immediate support and ideal stop for short-term trading positions. The candlestick pattern formed yesterday is mildly bullish while the hourly DM indicator is in buy mode. After yesterday’s trading action the indices seem to be
forming a large “Triangle” pattern, which we shall present in detail in our weekly report next week. The averages continue to stay below the price action. For the day, support seen at 4295.Overall, it would be interesting to see as to how the railway budget today affects the markets as they remain in a range but on the verge of a breakout either side.
Today’s Strategy
For Intra-day, Nifty has resistance at 4383 and above that 4414 and it has support at 4322 and below that 4288.For More Benefits Visit : http://www.insighttechnical.net
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