Nifty Outlook for 19th January 2012
Today's Key support & resistance level - 4938 & 5026.Yesterday,Nifty snapped a three- day winning streak.Nifty edged lower in choppy market,however the indices closed above 4938 Level.Nifty may see intraday levels of 5026 during the day.Shorting opportunity exists below 4938,until then it is advisable to avoid positional shorts.
First signs of meaningful correction : 8EMA dropping below 34EMA on day charts,sudden drop of SLOW STOCH below 80,VIX rising above 25/25.50, EOD closing below 4938 & 4879.
Currently 8EMA is above 34EMA,though market looks overbought,FIIs cash buying coupled with weakness in dollar against rupee is fueling the current rally.
Today's Key support & resistance level - 4938 & 5026.Yesterday,Nifty snapped a three- day winning streak.Nifty edged lower in choppy market,however the indices closed above 4938 Level.Nifty may see intraday levels of 5026 during the day.Shorting opportunity exists below 4938,until then it is advisable to avoid positional shorts.
First signs of meaningful correction : 8EMA dropping below 34EMA on day charts,sudden drop of SLOW STOCH below 80,VIX rising above 25/25.50, EOD closing below 4938 & 4879.
Currently 8EMA is above 34EMA,though market looks overbought,FIIs cash buying coupled with weakness in dollar against rupee is fueling the current rally.
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