QUOTE(swastik @ Jan 13 2014, 06:56 AM)
The Indian equity benchmark index nifty closed flat amid highly volatile trading session on Friday. The day was started on flat note yet nifty rallied & breakout 6225 resistance mark on the back of buying in heavy weights like Infosys, Reliance, ITC & ONGC yet nifty was unable to hold 6230 mark & witnessed a sharp fall from high point of the day on the back of heavy selling in banking, auto & other high beta names.
Daily Market Trend:
Daily Nifty Levels R1: 6230 R2: 6270 R3: 6330
Pivot: 6183 S1: 6130 S2: 6090 S3: 6050 CHART FORMATION:
Nifty has witnessed breakdown of up sloping trend line support yet it is still trading in congestion zone of 6230-6130.
6230 is key level to watch out for any upside rally for new high amid result season.
Nifty has immediate support around 6140-6125 zone below this 6090/5925 will be next significant support levels.
50-day SMA is placed at 6195 while 200-day SMA is placed at 5915 mark.TECHNICAL INDICATORS:
Momentum indicator RSI is trading below 50 mark while stochastic has entered into oversold territory.
CCI is placed at -55 mark with some positive divergence while MACD witnessed centerline crossover.
STRATEGY FOR TRADERS: 6230 is key level to watch out for traders; if nifty will manage to trade above this mark for 15-20 minutes then a short covering rally is expected for 6300+ level; while if nifty fails to cross this mark then selling pressure will continue where 6130 is key support level in downside.Free 2 Day Trial
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