Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 30 Nov 2009 www.StockInspection.com
Posted by Indrodeep Banerjee on November 27, 2009
Total Views - 2134
On Friday markets opened with huge loss and jittering with strong selling pressure across all the counters after the debt crisis of Dubai World, accumulating debt of 80bn USD.
After the gap down opening bloodbath continued across all the counters of the market until late afternoon when the investors resorted into some value buying which helped the markets to gain some grounds and recover from the days lows.
Markets finally managed to close much above the days low but in the negative territory. It closed below the 5 DMA and 20 DMA levels and RSI below 15 indicating few days of struggle for the markets before it crosses 5100 mark again.
Nifty finally closed at 4941.75
loosing 64 points or 1.27 %
Trading Strategy for 30 Nov, 2009
Intraday Support for the market shall be 4892 & 4836.
While the market will experience resistance at 4996 & 5042.
Best Strategy shall be to:-
Buy above 4962 with Stop Loss of 1917
Sell below 4917 with Stop Loss of 4962
.
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