Market Review for 28 Jan 2010

January 28, 2010 by

Nifty continued to slide, breaking the crucial support of 4945 today. The next support is at 4800, the low of the hammer candlestick pattern, while the initial resistance is at 5045 and then at 5086. The momentum indicators on daily and weekly basis are in sell mode along with increase in volumes—clearly indicates that the bears have an upper hand on Bulls. On the hourly charts, it seems that the indicators are oversold but till the price is confirmed the trend remains down.

On the daily chart, Nifty is trading below its 20 daily moving average (DMA) at 5187 and 40 daily exponential moving average (DEMA) at 5113 which are resistances in the near term. The market was taken an negative breadth with 48 advances and 1,299 declines on the NSE and 338 advances and 2,581declines on the BSE.

Nifty has closed at 4853 (-155) and Sensex Closed at 16289 (-491) points.

Nifty Fut Closed 4835

Nifty Support 4745 – 4800

Nifty Resistance 4876- 4950

Intraday calls

  • Sell Alstom Power 552-554 SL 557.5 TGT 545-538
  • Sell Hero Honda Below 1550 SL 1568 TGT 1532-1512-1502
  • Buy Axis Bank Above 992 SL 974 TGT 1008-1016-1028
  • Buy Rcom Above 178 SL 174.70 TGT 182-186-190

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