Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 23 Feb 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on February 22, 2010
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The previous market session closed on a marginally positive note after a huge gap up opening, markets slipped from early highs of the days trading session on profit booking with resistance above 20 DMA level of 4892 as calculated by us earlier to this session.
It closed flat at the 5 DMA and below 20 DMA levels and RSI around 30 indicating that the market is looking weak within extremely volatile trading and 20 DMA is once again emerging as resistance for the markets in short run unless it gets broken with high volume.
Nifty finally closed at 4856.40
gaining 11 points or 0.24 %
Trading Strategy for 23 Feb, 2010
Intraday Support for the market shall be 4814 & 4769 .
While the market will experience resistance at 4898 & 4942.
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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