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 ...
While the Indian stockmarkets were not generous to investors (declined week-on-week), the rain gods gave a handful to Mumbai and as usual, the city choked during the last week! This did have an impact on the daily volumes traded, which was low in the first three days, only to gain momentum in the later half. Despite a weak start, there was selective buying interest in some sectors. But sentiment was dampened following the Prime Minister's decision to keep disinvestments of public sector units on hold (read Neyveli Lignite Corporation). This time, it was not only the 'Left' that was 'as usual' against the move, but also an important ally from Tamil Nadu (DMK). Incidentally, DMK was a strong supporter of disinvestments of PSUs under the erstwhile NDA government. Besides these domestic concerns, global factors such as North Korea testing missiles and renewed worries about interest rates increasing in Japan added to the nervousness. In this backdrop, it was a tug-of-war between the bulls and the bears with bears winning the battle towards the end of the week.
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