Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 4 Mar 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on March 3, 2010
Total Views - 597
The previous market session closed on a strong positive note after a gap up opening, after the opening markets marched northwards sustaining all the gains on strong buying by the investors and traders. Markets took first resistance at our pre calculated level of 5063 but broke through it at the later part of the day on sustained buying and our buying strategy for buying above 5038 for resistance of 5063 & 5112 fetched handsome profits
It closed above the 5 DMA and 20 DMA levels and RSI around 99 indicating that the market is looking positive and entering the over valued zone, which indicate that some profit booking may emerge before the markets could march towards 5200 levels.
Nifty finally closed at 5088.10
gaining 77 points or 1.42 %
Trading Strategy for 4 Mar, 2010
Intraday Support for the market shall be 5039 & 4992 .
While the market will experience resistance at 5134 & 5178.
Best Strategy shall be to:-
Buy above 5114 with Stop Loss of 5066
Sell below 5066 with Stop Loss of 5114
.
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