Trend Line [19-01-2011]

YESTERDAYS COMMENTS AND PERFORMANCE : 

YESTERDAYS Predicted Nifty level and Actual levels :

Predicted resistance 5713-5727 [5730 Actual H]

Opening itself above Trade support and Intra EXACT

Support 5671 [5670 predicted]

OHLC : open 5682, High 5730 Low 5671, Close 5724

19th January 2011 - Technical View of Nifty / Technical view of Market :

View of Market : 

Todys Quartely result : BajajAuto, BajajHoldings, HCL Tech, Hindustan Zinc, LIC housing finance, Orchid Chemicals, Torrent Pharma and Wipro

and Many other mid cap and small cap stocks 

Technical View of NIFTY : 

+ve : break the triple bottom trend line resistance 5700 and close above the level.  Close around 61.8% [5348-6338] of Fibonacci level.

-ve : Closed below the support trend line is coming from 25/5/2010

Closed below the support and positive break out trend line is coming

from 17/10/2009 [5782-5804].   Fibonacci SWING 6338-5348, 61.8% at 5726

Lower tops Trend line, Violation of Triple bottom, Trend line coinside at the

same place. Very strong resistance at 5693-5726.  FIBO Swing 6181-5624's 

78.6% 5743.  So cluster of resistance around 5726-5755.  Negative breakoout

line at 5782-5804 and 5836 [61.8%]. 

+ve : 

Chart view of NIFTY :

Above 5745 , Next bears resistance at 5845.  Negative breakout line at 5782-5804

Momentum indicator/Oscillator indicators in over sold. Expected short covering above 5760 upto 5845.

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