Fibonacci Arc [21-01-2011]

YESTERDAYS COMMENTS AND PERFORMANCE : 

YESTERDAYS Predicted Nifty level and Actual levels :

Predicted Trend resistance 5745-5734 [5729 Actual High]

Predicted Trade support 5653-5647 [5634 Actual H]

and closed below predicted trading resistance 5713.

OHLC : open 5656, High 5729 Low 5634, Close 5711

21th January 2011 - Technical View of Nifty / Technical view of Market :

View of Market : 

Todys Quartely result : AKZOINDIA, Bank of India, Bank of Maharastra, BHEL, Dish TV India, Edelweiss Capital, HCC, IFCI, Indiabulls finance, ITC, Mahindra & Mahindra Finance, NIIT, PNB, Polaris Soft, Praj Industries, RIL, Tech Mahindra and Wipro [Source BSE India]

Technical View of NIFTY : 

+ve : Close above the triple bottom trend line support 5690-5683

and honour the 200EMA 5650 on closing basis. Once nifty hold above

5640 for 1-2 days then recovery is possible.  

-ve : Closed below lower tops trend line. Honur the resistance 61.8% of the Fibonacci Range 6338-5348.  No strength in the Elliot Wave indicator.

+ve : 

Chart view of NIFTY :

+ve breakout support at 551-5638 and investors sl also around there.

Momentum indicator/Oscillator indicators in over sold. Closed above

Trend line support from 10/12/2010.

-ve : Fibo Arc resistance at the TDL Trend resistance. Lower tops

trend line resistance at 5729-5733.

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