Feb 3, 2009

Nifty Breaks supports, Need to regain 2800 for up-move

On Monday, Nifty was not able to hold 2848 levels, and crossed previous day support at 2810 , ended at 2766 which is much below the support. This may take indices further down in coming days.
In the intraday hourly chart, nifty has breached support level and RSI is turning down indicating further fall.

However there are some positive signs of rising. Daily indicators like SLOW STOTCH and W%R are in oversold zone and getting ready for the bounce. If nifty can regain 2800 levels, it will arrest further fall. DOW is falling from past 3 to 4 sessions, so if there is any positive ending in Dow, then asian markets may move up in morining.
Support: 2760-2748-2720-2700
Resistance:2780-2795-2822-2835

Tonight, DOW was trading in red and NASDAQ was slightly positive to green.
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