Intraday Technical AnalysisIntraday Market OutlookFor 9 Aug 2010 NiftyThe previous market session closed on a marginal negative note after a flat opening, after the opening markets turned positive but failed to sustain the buying spree at the higher levels and markets started slipping after the mid session of the days session which dragged the markets to end with marginal loss.It closed above the 5 DMA and 20 DMA levels and RSI around 40, indicating that the market is looking extremely volatile and news driven in the coming days.5200 is acting as a strong support in the downside while 5371 is acting as short term support for the market which will be decisive in confirming the trend reversal incase it gets broken on the downside on closing basis.Astrologically conjunction of Saturn & Mars aspected by Jupiter will cause volatility and weakness in the markets, while Retro Jupiter in the Pisces may cause weakness in the banking sector and Gold while cotton, rice and sugar will tend to retain strength.Nifty finally closed at 5439.25loosing 08 points or 0.14 %With Advance-Decline Ratio in favor of the bearsTrading Strategy in NiftyIntraday Support for the market shall be 5392 & 5351.While the market will experience resistance at 5572 & 5500.Best Strategy shall be to:-Buy above For subscribers with Stop Loss of For subscribersSell below For subscribers with Stop Loss of For subscribers>>To read the older posts click here
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