10th August, 2011 Closing Market Updates 15:40
Nifty Outlook
Nifty opened on a negative note and broke the mentioned support of 5116 and further continued its southbound journey and achieved our first mentioned target of 5000 and further made a low of 4946, which was 23 points away from our second mentioned target of 4923.On the hourly chart, oscillators are in oversold region as well as Nifty had formed Higher Bottom. Going forward in the intraday, Nifty has resistance in the range of 5150-5185, where 5150 is the lower band of the Bollinger and 5185 is the resistance of the falling Trendline which is there on the hourly chart. Thus if Nifty starts trading above the mentioned resistance range, then we can witness some
bounce back in the markets.However, we still believe that the near term trend is still bearish as depicted by Nifty closing below the lower band of the Bollinger placed on weekly chart. Besides this, Nifty continue to form Lower top and Lower bottom on the daily chart and trading below the short term averages.In the Near term, we still maintain our second downside target of 4923 and bounce back should be used as an exit opportunity from the long positions.Medium term Nifty has resistance at 5230/5323 where 5230 is the lower band and 5323 is the upper band of the GAP present on the daily chart.
In Nifty50 stocks, TATAMOTORS was the top gainer by 6.04% and closed at 842.05. GRASIM was the top loser by 2.53% and closed at 2100.Nifty opened on a negative note and broke the mentioned support of 5116 and further continued its southbound journey and achieved our first mentioned target of 5000 and further made a low of 4946, which was 23 points away from our second mentioned target of 4923.On the hourly chart, oscillators are in oversold region as well as Nifty had formed Higher Bottom. Going forward in the intraday, Nifty has resistance in the range of 5150-5185, where 5150 is the lower band of the Bollinger and 5185 is the resistance of the falling Trendline which is there on the hourly chart. Thus if Nifty starts trading above the mentioned resistance range, then we can witness some
bounce back in the markets.However, we still believe that the near term trend is still bearish as depicted by Nifty closing below the lower band of the Bollinger placed on weekly chart. Besides this, Nifty continue to form Lower top and Lower bottom on the daily chart and trading below the short term averages.In the Near term, we still maintain our second downside target of 4923 and bounce back should be used as an exit opportunity from the long positions.Medium term Nifty has resistance at 5230/5323 where 5230 is the lower band and 5323 is the upper band of the GAP present on the daily chart.
Major Global Indices :
Hang Seng : +452.97
Nikkei : +94.26
FTSE : +33.34
CAC : +13.56
DAX : +113.96
Dow Futures : -52.00
Nasdaq Futures : -1.50
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