Market outlook and intraday tips for 5th Jan.

>> Monday, January 5, 2009

US markets rallied on 2nd Jan. Europe also rallied.

Asia has opened strong. I expect Indian Markets to open positive. Markets are bonded to test 10200 on Sensex.

A smart pullback is expected.

Don’t carry any longs.

Trade minimal. Markets may give up all its gains in the later hours.

Support for Sensex is at 9650 and resistance for up move is at 10350 and 10600.

Support for NIFTY is at 2850 and resistance for up move is at 3125 and 3250.

Day trading ideas.


Buy above 66.45 for targets of 67.90 and 69.20

Sell below 62.10 for targets of 61.05 and 60.15


Buy above 831 for targets of 836 and 842

Sell below 810 for targets of 806 and 798


Buy above 62.10 for targets of 63.25 and 64.50

Sell below 59.20 for targets of 58.50 and 57.25


Buy above 179.85 for targets of 183 and 186

Sell below 175 for targets of 172 and 169


Buy above 47.45 for targets of 48.90 and 49.65

Sell below 43.10 for targets of 42.05 and 41.10

Happy Investing!

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Dhawal J. January 5, 2009 at 9:03 AM  

Daily chart:-
Nifty EOD chart has formed “Cup & Handle Pattern” which suggest that we may see 3650 level ( I am serious not a matter of laugh) but one thing we need surety is Nifty should sustain 3250 level on closing basis in near term then only we may hope for 3650 level. Stimulus package and rate cut will boost sentiments of market but how long it will survive is very difficult to Analyze.
Weekly chart:-
On weekly chart Nifty has manage to survive in consecutive three week above trend line support (2782) which also suggest Bull have great chance to survive in near future.
30 min chart:-
On 30 Minutes chart Nifty has again manage to hold above trend line support (3035) of “price channel pattern” once it breaks upper level of channel i.e 3108 level on closing basis then 3240 is very near and as said before 3240 leads 3650 Let see hope for the best.
For Bull first level is 3108 and Second level 3240 on closing basis then we may see good rally.

Happy Trading to All