Nifty @50 SMA

By | January 7, 2011 2:27 am

Nifty Sold of for 4 day in a row for high of 6180 to low of 6020 which is 50 DMA.  50 DMA has a significant support for nifty and yesterday it bounced after touching the 50 DMA.

On Hourly Charts we are oversold and a bounce should come either today or monday.

Banks are weighing heavily on Nifty,Bank Nifty  has corrected almost 7% in past 3 trading sessions.If Nifty were to bounce bank nifty support should be present.

SBI closed below 200 DMA of 2650 which is a bearish indicator but we need to see it for another 2 days whther it is able to close above 2650 or not .

For Nifty Daily Charts RSI is coming near 50 levels and Volumes are on lower sides from past 2 trading sessions.

Buy above 6062 Tgt 6080 and 6118

Sell below 6022 tgt 5980 and 5950

Above mentioned levels are spot levels.

Leave a Reply