Market Review for 27 Jan 2010

January 26, 2010 by

Nifty has closed in red for the fifth repeated day now with stocks just sliding on their way down. The selling pressure continued on every rise, indicating that the trend has reversed and bears have an upper hand. The volumes that were missing at higher levels have returned with the index going down, confirming the downtrend. The momentum is too favors bears. With these indicators and prices are coming down, there is hardly any upside seen from here. On the daily chart, Nifty is trading below its 20 daily moving average (DMA) which is 5204 and 40 daily exponential moving average (DEMA) at 5134, which are the resistances in the near term.

Nifty Closed 5008

Nifty Support Levels :- 4943-4898-4838

Nifty Resistance Levels 5070-5130-5186

  1. Sell Voltas Between 172-173 SL 181.80 TGT 160-155-152

  2. Sell Renuka Between 225-227 Sl 230.65 Tgt 216-211-207

  3. Buy Tcs if Breaks 771 SL 758 TGT 788-796-802

  4. Buy LT if Breaks 1518 SL 1489 TGT 1548-1565-1580

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