Monday, January 10, 2011

Intraday Trading Tips

The benchmark nifty stated negative opening last day of the week. Yesterday Nifty was showing heavy correction situation just because of RBI interest rate caution. Nifty made a high of 6051.20 levels. And at the end Nifty close negatively heavily with the level of 5904.60 with the loss of (-2.38%) -143.65. In that Nifty index if we see stock specific IDFC only was the gainer. While the looser were HINDALCO and TATAMOTORS. Overall breadth end advance decline ratio is terribly poor 1/49. The next important level to watch out for tomorrow intraday stock trading the Nifty support level would be 5842-5779, while the resistance level would be 6009-6114. 

Resistance 5970-6070, down side support 5810-5800-5722. Close above 6070 will change the trend only. 

The market closed below the bottom fibonacci fan line. Prices could really fall out now. Support level of   6030. was broken today. When the monthly pivot point is broken the wave 2 is not seems to complete here. but if it sustain the 5879 then it show some short term strength, on basic chart also the price is near to double bottom formation, here not a clear view for this week but the range of nifty can be 6080-5739. if the index show some weak sign again of the last days of the week then the possible target will be more down side of last bottom (5740).

The benchmark BSE SENSEX-30 index started negative opening on last day of the week. And it made a high of 20210. Yesterday Bse index was showing heavy correction situation. At the end Bse index close negatively at the level of 19691.81 with the loss of (-2.44%) -492.93pts. From the sect oral front no gainer was their, while the looser was METAL and AUTO. Overall breadth of the SENSEX-30 index advance decline ratio is terribly poor 30. The next important level to watch out for tomorrow intraday share trading in BSE support would be 19477-19262, while the resistance would be 20059-20425. Major support 19000-19100, Major resistance 20050-20250.

Consider for this week...19629-19563 nearest crucial support. Break below 19563 it'll fall down further to 19411 & 19350-19273. Consider 19350-19273 most crucial support area where buying support will be seen. In any worst scenario a close below 19273 it'll fall down further to 19059. A close below 19059 it'll heavily crash down to 18637-18535.
Upward side 19870 & 19982 nearest crucial hurdles. A close above 19982 it'll surge up to 20267-20339, sell on higher levels keeping stop loss of 20665.

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