Google+ NIFTY INTRADAY 01-21-2010 ~ NIFTY DEMYSTIFIED

Thursday, January 21, 2010

NIFTY INTRADAY 01-21-2010


First we broke below 5230, then 5205 and thus initiated a positional short in nifty. Classical charts are giving short sell signal from it's intra day movements. Things discussed in the online class was so profound on the chart yesterday. Hope my students have enjoyed the move and did the right thing!! Anyway, breaking 5205 was not good, and moreover it bounced from 5195 and 5230 was again retested and failed to cross above that level, thus making it a sell as of now.
 
Support: Immediate support is @ 5180 as discussed yesterday. 5160 is coming as a critical support zone, holding that it may witness some recovery for the day. Below that 5145/20-5080/85 is possible in no time.
Resistances: 5205 and 5230. Above that some recovery possible towards 5265-5285.

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