Intraday Technical AnalysisIntraday Market OutlookFor 14 July 2010 NiftyThe previous market session closed on a strong note after a weak opening, after the opening markets turned volatile and choppy with negative bias but managed to close into the greens to end near the day’s high closing above 5400 for the first time since 2008.It closed above the 5 DMA and 20 DMA levels and RSI around 92, indicating that the market is looking volatile ahead in the coming days.5200 emerged as a strong support in the downside and will be decisive in confirming the trend reversal incase it gets broken on the downside.Astrologically Sun in Gemini, ruled by Mercury and the ruler Mercury in Taurus will bring buying interest in Silver, Cotton, Banking, Financial, Sugar, Textile, Automobile, IT, Telecommunication and FMCG stocks, while Jupiter in the Pisces may attract buying interests in the banking sector and Gold.Nifty finally closed at 5402gaining 19 points or 0.35 %With Advance-Decline Ratio in favor of the bullsTrading Strategy for 14 July, 2010Intraday Support for the market shall be 5352 & 5308.While the market will experience resistance at 5441 & 5478.Best Strategy shall be to:-Buy above 5418 with Stop Loss of 5384Sell below 5384 with Stop Loss of 5418>>To read the older posts click here
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