Nifty Breaks 200 DMA

Nifty Hourly Chart

Nifty Hourly chart are in oversold zone and a fierce bounce can come which can take indices back to 5709 levels which is middle bollinger band.

On hourly chart RSI and STOC are in oversold region.

If we continue fall we can see levels of 5500 on cards where we can see some value buying as stocks

Nifty Daily Chart

Nifty broke 200 DMA FIRST TIME 26 mAY 2010.Moved below it for few trading sessions and than gave a fierce bounce.

As 200 DMA is a important level need to see the price volume action around these levels. On Down side 5500 should be a good support and lead to some good bounce for short term in Nifty.

Buy above 5641 Tgt 5688,5709,5750 and 5772

Support is at 5500 for tommorow.

Investor are required to start building up portfolio in stocks like ICICI BANK,TATA MOTORS,SBI from long term perceptive.

Leave a Reply