Market Outlook and Tips for 24-06-09
- NIFTY ANALYSIS : Due to weak global closing, Nifty opened on a weak note and touched a low of 4143 and bounced back. Finally it closed 12 points Up from previous day's close. It was a highly volatile day and Nifty was gyrating between alternative bout of buying and selling. On daily chart, Nifty has formed a doji and in weekly chart it has got support at weekly trend line. Now for long positions, one should maintain stop loss below 4140 and below 4140, long position should be liquidated. On upside, Nifty will face strong resistance around 4350-4370. For all long trading positions, the safest stop loss is the Tuesday's low. So keep these lows in mind while trading for short-term.In fact, most of the scrips have reached their crucial support levels. So if they break these, then we may see deeper correction. For WEDNESDAY, support exists at 4200 and then at 4170. On upside, resistance exists at 4275 and then at 4310.
BSE SENSEX : It zoom to kiss 14473, if sustain above this then go for 14622 to 14851. On downside support at 14244 and then at 14095.
NIFTY FUTURE : Above 4219 if sustain then go for 4295 to 4343. At downside strong support at 4170 if break this level then panic selling seen up to 4095 to 4047.
RELIANCE : It zoom to kiss 2066 here it face resistance if sustain this level then zoom to kiss 2116 to 2199. At downside support at 1983 and then 1932.
TATA STEEL : Above 396 no problem it go for 409 to 418. Below 396 next support at 387.
ONGC : It face strong hurdle at 1058 if cross this then zoom to kiss 1089 to 1136. At downside support at 1011 and then at 980.
For More Technical Call Visit : Http://www.callnput.com
[Non-text portions of this message have been removed]