TECHNICAL ANALYSIS NIFTY STOCKS MARKET

TECHNICAL ANALYSIS BY www.technotrades.biz ON NIFTY USING THE INTRADAY AND POSITIONAL TRADING SYSTEM

Indian indices ended flat at 5338.00, up by 1.30 points or 0.02%. Nifty began the day on positive note and stayed in green zone for most part of the day. But negative opening of European counterpart coupled with cut in India's gross domestic forecast (GDP) set off the profit booking in the dying hours.
Nifty has formed a doji with long upper shadow indicate that market participants appear to be reluctant on the higher levels and prefer to book profit. If the index stays below day’s low (5,330) then it is likely to witness selling pressure which might drag it towards the support level of 5,300-5,250.Our bias is positive till the market is moving in higher top bottom formation and successfully closing above immediate resistance zone of 5370-5380, which is required to gain the necessary push for further upsides towards the 5,450.Trading strategy would be to Sell if market resist at 5,390 and Buy if support at 5,340.
First resistance for the Nifty is 5,367 and next resistance 5,396 and first support for the Nifty is 5,320 and next support at 5,302.

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