Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 21 Jan 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on January 20, 2010
Total Views - 509
The previous market session closed on a flat note but marginally lower after a flat opening amidst a highly volatile and weak trading session. Market took the support around the level of 5201.
It closed below the 5 DMA but above 20 DMA levels and RSI around 20 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, as 5300 level is emerging as a strong resistance for the markets.
Nifty finally closed at 5221.70
loosing 4 points or 0.08 %
Trading Strategy for 21 Jan, 2010
Intraday Support for the market shall be 5178 & 5142.
While the market will experience resistance at 5271 & 5328.
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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