Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 19 Jan 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on January 18, 2010
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The previous market session closed on a strong note after the gap down opening amidst a strong positive trading session. Market faced the resistance exactly at the level of 5292 as calculated by us before this session.
It closed above the 5 DMA and 20 DMA levels and RSI around 80 indicating that the market is looking positive for a breakout above the current levels, and trying to breakout above the 5300 levels before moving towards 5400 levels in the coming days.
Nifty finally closed at 5275.35
gaining 23 points or 0.44 %
Trading Strategy for 19 Jan, 2010
Intraday Support for the market shall be 5226 & 5178.
While the market will experience resistance at 5332 & 5377.
Best Strategy shall be to:-
Buy above 5304 with Stop Loss of 5251
Sell below 5251 with Stop Loss of 5304
.
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