Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 24 Feb 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on February 23, 2010
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The previous market session closed on a positive note after a flat opening, markets traded extremely volatile into reds and greens with resistance at 20 DMA level of 4887 as calculated by us earlier to this session. Our previous buying strategy to buy above 4868 fetched profits.
It closed above the 5 DMA and below 20 DMA levels and RSI around 55 indicating that the market is looking directionless 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 4870.05
gaining 14 points or 0.28 %
Trading Strategy for 24 Feb, 2010
Intraday Support for the market shall be 4828 & 4784 .
While the market will experience resistance at 4912 & 4951.
Best Strategy shall be to:-
Buy above 4892 with Stop Loss of 4848
Sell below 4848 with Stop Loss of 4892
.
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