Trend Line [24-01-2010]

YESTERDAYS COMMENTS AND PERFORMANCE : 

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.   [wait and watch]

YESTERDAYS Predicted Nifty level and Actual levels :

Predicted Trade resistance 5734-5729 [5717 Actual High]

Predicted Trade support 5695-5685 [5674 Actual Low]

and closed below predicted trading support 5695.

OHLC : open 5692, High 5717 Low 5674, Close 5696

24th January 2011 - Technical View of Nifty / Technical view of Market :

View of Market : 

Todys Quartely result : Asian Paints, Birla Cop, Century Textiles, Chennai Petro, 

EIH, Geometric, Godrej Indus, GTL, ICICI Bank, Idea Cellular, Indian Bank, Jindal 

Steel, Karnataka Bank, Sesagoa, Sobha Developers, Torrent Pharma,Union Bank, 

Vijaya Bank, Welcorp and many other Mid cap and small cap stocks.

+ve scripts [not in intra, this is for positional] : Geometric. Vguard

Technical View of NIFTY : 

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

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

5640 for 1-2 days then recovery is possible.  

Chart view of NIFTY :

+ve breakout support at 5641-5628 and investors sl also around 5600 there.

Momentum indicator/Oscillator indicators in over sold. Elliot Target line

and FIBO resistance 38.2% are almost coincide at 5745-5756. closed aboe the the 

trend line 10/12/2010.  This upper bottom trend line's elliot target says more 

than 6000.

-ve : There is no confirmation to take the breakout upport as sl for buy

so, risk takers may buy nifty around 5640 with sl 5600 on closing basis.  Honur 

the resistance  61.8% - 5729 of the Fibonacci Range 6338-5348.

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