Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 1 Dec 2009 www.StockInspection.com
Posted by Indrodeep Banerjee on November 30, 2009
Total Views - 2289
On Monday markets opened with gap on the back of firm cues from the Asian markets. Asian stock markets made a sharp rebound on Monday after the United Arab Emirates central bank on Sunday pumped more liquidity into its banking sector in a move to contain the fallout from Dubai’’s debt crisis. Realty, Metal, Auto and Capital Goods stocks witnessed the rally on significant buying interest from the investors.
Markets gained further grounds after the India’s GDP figure for the second quarter came in better than expected as it grew surprisingly at 7.9 per cent against expectations of 6.3 per cent. India’’s gross domestic product (GDP) grew at the fast pace in over 12 months as it rose 7.9 per cent in the second quarter as compared to 6.1 per cent quarter-on-quarter and 7.7 per cent year-on-year.
Markets finally managed close above the 5 DMA and 20 DMA levels and RSI above 22 indicating few days of struggle for the markets before it crosses 5100 mark again.
Nifty finally closed at 5032.70
gaining 91 points or 1.84 %
Trading Strategy for 1 Dec, 2009
Intraday Support for the market shall be 4986 & 4938.
While the market will experience resistance at 5077 & 5118.
Best Strategy shall be to:-
Buy above 5052 with Stop Loss of 5004
Sell below 5004 with Stop Loss of 5052
.
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