Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 14 June 2010 www.StockInspection.com/
Posted by Indrodeep Banerjee on June 12, 2010
Total Views - 726
The previous market session closed on a positive note after a gap up opening, after a positive opening markets turned lack luster but maintained the early gains and buying interest which helped the markets to close in positive territory for the third consecutive day.
It closed above the 5 DMA and 20 DMA levels and RSI around 85, indicating that the market is looking positive ahead in the coming days, and the markets are consolidating for another beginning of a positive trend towards 5350 levels. 5000 emerged as a strong support for the markets now.
Once 5200 level is reachieved, markets will soon head for 5350 levels now. Last month Markets slipped below 5200 mark right after our prediction of slipping below this level in our 3rd Mays blog.
Astrologically Sun in Taurus, ruled by Venus and the ruler Venus in Gemini will bring buying interest in Gold, Silver, Copper, Banking, Financial, Sugar, Textile and FMCG stocks, while Jupiter in the Pisces may attract more buying interests in the banking sector and Gold in this month.
Nifty finally closed at 5119.35
gaining 41 points or 0.80 %
With Advance-Decline Ratio in favor of the bulls
Trading Strategy for 14 June, 2010
Intraday Support for the market shall be 5072 & 5034 .
While the market will experience resistance at 5168 & 5218.
Best Strategy shall be to:-
Buy above 5136 with Stop Loss of 5100
Sell below 5100 with Stop Loss of 5136
.
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