Tuesday, January 18, 2011
January 18 2011, Market Update
Nifty on the back of positive global cues and short covering gave the day positive start. The index managed to trader above the yesterday' s close through out the day and ended the day up 69 points at 5724.05. The index moving up on low volumes, suggest the up move to be a correcting move and traders using this an short covering opportunity. On the way up if the index manages to sustain above 5,720, it is likely to move up the ladder 90-100 points. However, the near term outlook remains bearish and the traders should adopt a wait and watch situation. The immediate support to watch for is 5,690.
Subscribe to:
Post Comments (Atom)
Nice analysis...short and crisp...i think rather than doing it on daily basis, you can do it on weekly basis mentioning the highlight of the week, rationale for up/down of Nifty, and most importantly what is your opinion for the week ahead...as mentioned in your blog, you can include resistance/support level for the next week and the reason for the same....this way it might be more helpful for those who trade in nifty options/ futures.....anyways, its just a thought...if you can consistently do on daily basis, it would be great...all the best!
ReplyDelete