Market Review for 28 Jan 2010
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 Support for 28 Jan 2010
Nifty Resistance for 28 Jan 2010
Day Trading Calls for 28 Jan 2010
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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