Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 26 Nov 2009 www.StockInspection.com
Posted by Indrodeep Banerjee on November 25, 2009
Total Views - 2177
On Wednesday markets opened flat on a mixed cues from global markets. But suddenly the markets managed to gain grounds from the early lows and surged up into the positive territory as investors started buying shares at lower level and covering their short positions a day ahead of fno expiry.
Markets faced resistance in the afternoon session at the higher levels, exactly at the resistance level calculated by us of 5138. Markets witnessed some profit booking after the early surge and turned volatile before the closing of the days trading .
Markets finally managed to close in the positive territory marginally below the days high but still above the 5 DMA with RSI above 70 indicating the room for further highs in the coming days but extreme volatility is expected to dominate the market before the fno expiry .
Nifty finally closed at 5108.15
gaining 18 points or 0.35 %
Trading Strategy for 26 Nov, 2009
Intraday Support for the market shall be 5064 & 5022.
While the market will experience resistance at 5158 & 5192.
Best Strategy shall be to:-
Buy above 5132 with Stop Loss of 5087
Sell below 5087 with Stop Loss of 5132.
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