Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 16 Feb 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on February 15, 2010
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The previous market session closed on a weak note after a positive opening and market turning weak and traded in red throughout the days trading session with support at 4778 as calculated by us earlier to this session. Our selling strategy for selling below 4802 for the support of 4778 with SL of 4850 worked well.
It closed marginally above the 5 DMA but below 20 DMA levels and RSI around 65 indicating that the market is looking positive and consolidating before a bounce back within extremely volatile trading.
Nifty finally closed at 4801.95
loosing 25 points or 0.52 %
Trading Strategy for 16 Feb, 2010
Intraday Support for the market shall be 4751 & 4718.
While the market will experience resistance at 4846 & 4888.
Best Strategy shall be to:-
Buy above 4826 with Stop Loss of 4778
Sell below 4778 with Stop Loss of 4826
.
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