Intraday Technical

Analysis

 

Intraday Market Outlook

for 11 Mar 2010  Nifty

 

 

 

 

 

 

 

 

 

 

 

 

 

The previous market session closed on a marginally positive note after a flat opening, after the opening markets turned volatile but gained some buying interest to reach the days high during the mid session but failed to sustain the gains on profit bookings emerging at every highs on the selective counters. Markets lacked in decisive direction throughout the days session before finally closing with the marginal gains the end of the day.

 

It closed above the 5 DMA and 20 DMA levels and RSI around 70 indicating that the market is looking positive, volatile and consolidating before adding further buying interest and march onwards  to 5200 levels.

 

Nifty finally closed at 5116.25

gaining 16 points or 0.29 %

 

 

Trading Strategy for 11 Mar, 2010

 

Intraday Support for the market shall be 5068 & 5024 .

 

While the market will experience resistance at 5158 & 5197.

 

 

Best Strategy shall be to:-

 

Buy above 5138 with Stop Loss of 5093 

 

Sell below 5093 with Stop Loss of 5138

 

 

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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