Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 3 Dec 2009 www.StockInspection.com
Posted by Indrodeep Banerjee on December 2, 2009
Total Views - 2449
On Wednesday markets opened with gap up on the back of positive cues from the global markets. Markets opened on a strong note but turned volatile soon after the opening on selective profit bookings in the blue chip stocks at the higher levels.
Profit booking kept dragging the markets down throughout the day every time it tried to gain the ground, turning the days session extremely choppy and volatile.
Markets finally managed close flat but above the 5 DMA and 20 DMA levels and RSI around 35 indicating some more profit bookings for the markets before it decisively keep trading above 5100 mark .
Nifty finally closed at 5123.25
gaining 1 points or 0.02 %
Trading Strategy for 3 Dec, 2009
Intraday Support for the market shall be 4978 & 4932.
While the market will experience resistance at 5168 & 5212.
Best Strategy shall be to:-
Buy above 5151 with Stop Loss of 5098
Sell below 5098 with Stop Loss of 5151.
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