MARKET SUMMARY:
The Indian equity benchmark index nifty is climbing for upside with highly intraday volatility. The day was started with gap up on the back of strong global market yet near 6080 mark nifty again witnesses a sharp fall within few minutes yet manages to recover from support of 6035; at the end nifty manages to close at 6063 mark with gain of 0.43%. Metal Index was the top gainer while IT sector was the laggard for the day.
Daily Market Trend
R1: 6095 R2: 6130 R3: 6160
Pivot: 6057
S1: 6030 S2: 6000 S3: 5970
CHART FORMATION:
Nifty is likely to open with gap where upside momentum is likely to continue for higher level of 6130/6160; hence traders are advised to buy on consolidation or any small intraday dip with stop loss at 6050 mark.
Share Broker India
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http://research4u.co.in/intraday_stock_commodity_tips/daily-nifty-technical-trend-10-feb/
The Indian equity benchmark index nifty is climbing for upside with highly intraday volatility. The day was started with gap up on the back of strong global market yet near 6080 mark nifty again witnesses a sharp fall within few minutes yet manages to recover from support of 6035; at the end nifty manages to close at 6063 mark with gain of 0.43%. Metal Index was the top gainer while IT sector was the laggard for the day.
Daily Market Trend
R1: 6095 R2: 6130 R3: 6160
Pivot: 6057
S1: 6030 S2: 6000 S3: 5970
CHART FORMATION:
- Nifty formed a dragonfly doji candlestick formation on weekly chart.
- Nifty has immediate resistance at horizontal line placed at 6130 mark.
- Nifty is moving with higher top higher bottom formation on hourly chart.
- Nifty defended its 200-day SMA of 5975 & showing a sign of reversal where 50-day SMA of 6212 will be next significant resistance.
- Momentum indicator RSI & stochastic both witnessed positive crossover from oversold territory. .
- CCI is placed at -7 & MACD placed at -70 mark with northward direction.
Nifty is likely to open with gap where upside momentum is likely to continue for higher level of 6130/6160; hence traders are advised to buy on consolidation or any small intraday dip with stop loss at 6050 mark.
Share Broker India
Read More Info
http://research4u.co.in/intraday_stock_commodity_tips/daily-nifty-technical-trend-10-feb/