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Archive for February 23rd, 2011

Markets Today

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Yesterday indices opened with a gap down but recovered during the day & closed negative by end of trading session. Markets are becoming jittery ahead of the F&O expiry & the budget.  For thelast few days the index is continuously closing above 300EMA which is currently placed at 5445 levels on Nifty. There is a bullish technical pattern developing on the daily chart that can complete only if the Nifty closes above 5546 level. Based on the technical study, the break out range is becoming shorter on down side, support remains at 5380 & resistance 5530 levels. We need the markets to trade out of this range for further cues on direction, but at this juncture that seems unlikely to happen before expiry. Today indices attempted to break the range but failed & are once again trading near the lower band of the range. Looking to the current chart setup, eventually the market is likely to gain an upward trend i.e. post the budget announcement.

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Written by Rakesh Gandhi

February 23, 2011 at 4:34 pm

Posted in Market Watch

Tagged with ,