[sharetrading] Free Day Trading Calls with Market Review for 7 April 2010

 

Day Trading Calls with Market Review for 7 April 2010

Trading in a very tight band all through the day, Nifty wrapped the session in red forming a Doji star. In first half, the index consolidated in a triangular pattern and gave an upside breakout, but the move fizzled out at higher levels with the index failing to close above 5300. Going ahead, 5316 remains a crucial support, whereas 5387 is now the resistance. Now, again both the hourly and daily momentum indicators are in a sell mode, wherein the daily indicator has been giving a negative divergence for a week now. The market breadth has improved, but the volumes remain a concern as it remained dry all through the rally. The weekly KST is still in a buy mode—a reason for bulls to cheer. So, we continue to maintain our short-term bias up.

 

Nifty Close 5366

Nifty Support 5316-5266-5235

Nifty Resistance 5389-5430-5455

 

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With Regards,
Kushagra Mehta
http://www.daytrading.in/

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