Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 27 Jan 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on January 25, 2010
Total Views - 555
The previous market session closed on a weak note in the negative territory after a gap down opening amidst a highly volatile trading session. Market took the support around the level of 4992, as calculated by us.
It closed below the 5 DMA and 20 DMA levels and RSI around 1 indicating that the market is looking extremely weak and sentiments down amidst negative global cues but 4950 is emerging as strong short term support for the market on closing basis, hence we can see a bounce back soon whereas 5300 has been a strong short term resistance for the markets.
We don’t expect any interest rate hike or hike in PLR while CRR hike could be at most 25 basic points in this RBI credit policy review on 29 Jan.
Nifty finally closed at 5007.90
loosing 28 points or 0.56 %
Trading Strategy for 27 Jan, 2010
Intraday Support for the market shall be 4956 & 4912.
While the market will experience resistance at 5052 & 5098.
Best Strategy shall be to:-
Buy above 5032 with Stop Loss of 4991
Sell below 4991 with Stop Loss of 5032
.
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