[sharetrading] Free Intraday Tips For 4 May 2010

 

Free Intraday Tips For 4 May 2010

Nifty has turned down again on the very first day of this week following a negative weekly close. It is trading between its 20 daily moving average (DMA) and 40 daily exponential moving average (DEMA), which are its shortterm support and resistance respectively. Today, Nifty has taken support from the 40 DEMA for a third time in this fall from 5400. Hence this average becomes quite crucial to watch out for. This shows that till it holds 40 DEMA, it may further consolidate in this narrow range. Sensex has formed a head and shoulders pattern on the daily charts, which is a bearish pattern. The volumes remains sluggish and the breadth too remains weak, which is a concern for the bulls going ahead. We continue to maintain our shortterm bias down.

 

Nifty Closed 5223

Nifty Support 5202-5161-5100

Nifty Resistance 5278-5300-5330

 

Sell DLF Below 301 Sl 307 TGT 296

Sell Infosys Below 2650 SL 2986 TGT 2590

Sell Tata Steel Below 597 SL 608 TGT 588-583

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

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