Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 18 Mar 2010 www.StockInspection.com
Posted by Indrodeep Banerjee on March 17, 2010
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The previous market session closed on a strong positive note after a flat opening, markets turned volatile on opening but soon gained strength on sustained buying spree which helped the markets to surge up and trade with modest gains throughout the days session which helped the markets to finally reach above the 5260 levels at one point of time. Markets crossed our pre calculated resistance level of 5238 and again our buying strategy for buying above 5221 fetched profits to the traders
It closed well above the 5 DMA and 20 DMA levels and RSI around 96 indicating that the market is looking positive, volatile and may reach above 5300 levels soon if this buying spree continues with forced short coverings to be seen at higher levels.
Nifty finally closed at 5231.90
gaining 34 points or 0.65 %
Trading Strategy for 18 Mar, 2010
Intraday Support for the market shall be 5184 & 5142 .
While the market will experience resistance at 5276 & 5318.
Best Strategy shall be to:-
Buy above 5251 with Stop Loss of 5208
Sell below 5208 with Stop Loss of 5251
.
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