Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 22 Feb 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on February 20, 2010
Total Views - 624
The previous market session closed on a weak note after a gap down opening, markets traded extremely volatile in the reds throughout the days trading session with support at 4808 as calculated by us earlier to this session.
It closed below the 5 DMA and 20 DMA levels and RSI around 30 indicating that the market is looking weak within extremely volatile trading and 20 DMA is emerging as resistance for the markets in short run unless it gets broken with high volume.
Nifty finally closed at 4844.90
loosing 43 points or 0.88 %
Trading Strategy for 22 Feb, 2010
Intraday Support for the market shall be 4808 & 4764 .
While the market will experience resistance at 4892 & 4936.
Best Strategy shall be to:-
Buy above 4868 with Stop Loss of 4824
Sell below 4824 with Stop Loss of 4868
.
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