Intraday Technical

Analysis

 

Intraday Market Outlook

for 17 Mar 2010  Nifty

 

 

 

 

 

 

 

 

 

 

 

 

 

The previous market session closed on a extremely strong note after a flat opening, after the opening markets turned volatile but sustained buying spree helped the markets to spectacularly surge up in the days session which helped the markets to finally reach above  the 5200 levels. Markets reached to our pre calculated resistance level of 5206 and again our buying strategy for buying above 5151 for the target of 5206 fetched huge profits to the traders

 

It closed above the 5 DMA and 20 DMA levels and RSI around 80 indicating that the market is looking positive, volatile and may face stiff resistance above 5200 levels, unless it manages to give  closing above 5200 levels for this week.

 

Nifty finally closed at 5198.10

gaining 69 points or 1.35 %

 

 

Trading Strategy for 17 Mar, 2010

 

Intraday Support for the market shall be 5152 & 5108 .

 

While the market will experience resistance at 5238 & 5276.

 

 

Best Strategy shall be to:-

 

Buy above 5221 with Stop Loss of 5178 

 

Sell below 5178 with Stop Loss of 5221

 

 

DISCLAIMER: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip.

 

Disclosure: As a Technical Analyst I myself, my relatives and clients may have position in the stocks suggested by me.

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