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Markets on Dec 21, 2009: Swift slide
Markets on January 30: Engulfing bulls
60 minute chart
Nifty continued its slide after breaking the up trend line.
The index achieved the aggressive target of the triangle
breakout gaining momentum on the downside. Now, the
supports on the lower side are at 4942 and 4860 while the
resistances are at 5030 and 5100. So, going forward we
continue to expect the supply to come at higher levels and
once these two supports are broken, selling will intensify
and we reckon that even the volumes will pick up. Hence,
with momentum on the sell side we maintain our bias down
holding our view that the ongoing leg down is wave Y.
On daily chart, Nifty is trading below its 20 daily moving
average (DMA) and 40 DEMA at 5067 and 4983 respectively,
which are resistances in the near term. The momentum
indicator (KST) has given negative crossover and
is below the zero line. The market breadth was negative
with 501 advances and 781 declines on the NSE and 1,270
advances and 1,544 declines on the BSE.
On hourly chart, Nifty is trading below its 20 hourly moving
average (HMA) and 40 HMA at 5013 and 5051 respectively,
which now are resistances in the near term. The
momentum indicator (KST) has given negative crossover
and is trading below the zero line.
Weariness of the last week spilled over in the week with
the first day of the present week witnessing the Nifty and
Sensex lose 35 and 119 points respectively. Of the 30 Sensex
stocks, Hindalco Industries (down 4.02%) and Cipla (down
3.62%) were the top losers while Wipro (up 0.53%) and
Reliance Industries ( up 0.60%) were the saving grace.