Intraday Technical Analysis with Nifty Chart and Trading Stretegy / Stock Tips for 28 June 2010 www.StockInspection.com/
Posted by Indrodeep Banerjee on June 25, 2010
Total Views - 374
The previous market session closed on an weak note after a gap down opening, after the gap down opening markets turned volatile and failed to sustain anything above 5300.
Markets are trading exactly in tune to the prediction made by us it gave last fno closing around 5300 after our prediction for the same in our blog few days back.
It closed below the 5 DMA and above 20 DMA levels and RSI around 30, indicating that the market is looking weak ahead in the coming days and may soon slip back to 5000 levels.
5200 has emerged as a support for the markets and it will again be decisive in confirming the trend reversal incase it gets broken on closing basis. We may see the markets to slip to 5000 levels soon if 5200 is broken.
Last month markets surged up to 5350 levels from 4900 mark right after our prediction of positive trend in our 4th June’s blog, as the markets slipped to 4700 from 5200 after our 3rd May’s blog.
Astrologically Sun in Gemini, ruled by Mercury and the ruler Mercury in Taurus will bring buying interest in , Silver, Cotton, Banking, Financial, Sugar, Textile, Automobile, IT, Telecommunication and FMCG stocks, while Jupiter in the Pisces may attract buying interests in the banking sector and Gold.
Nifty finally closed at 5269.05
loosing 52 points or 0.97 %
With Advance-Decline Ratio in favor of the bears
Trading Strategy for 28 June, 2010
Intraday Support for the market shall be 5224 & 5182.
While the market will experience resistance at 5314 & 5358.
Best Strategy shall be to:-
Buy above 5284 with Stop Loss of 5251
Sell below 5251 with Stop Loss of 5284
.
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Nifty witnessed the yet another correction from the higher levels, as we keep mentioning in our previous reports that one could go for sell on rise until it close above 5400 for the targets of 5250 & 5200. Now in the next week we could expect some more correction in it. In the downside the 5200 would be key support. Closing below this support could slip it till the lower levels of 5115 to 5120 in short term. The short term resistance zone now we could see close to the levels of 5345 to 5350
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