Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 20 Jan 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on January 19, 2010
Total Views - 531
The previous market session closed on a weak note after a flat opening amidst a weak and volatile trading session. Market took the support around the level of 5226 as calculated by us prior to this session.
It closed above the 5 DMA but below 20 DMA levels and RSI around 45 indicating that the market is looking directionless and volatile as well as trying to find consolidation before the breakout above the 5300 levels in the coming days.
Nifty finally closed at 5225.65
loosing 49 points or 0.93 %
Trading Strategy for 20 Jan, 2010
Intraday Support for the market shall be 5178 & 5142.
While the market will experience resistance at 5274 & 53332.
Best Strategy shall be to:-
Buy above 5251 with Stop Loss of 5201
Sell below 5201 with Stop Loss of 5251
.
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