Straits Times Index (STI) Technical Overview for 25th March
MARKET REVIEW
On the 4th trading day of week STI traded on firm node and traders on higher levels whole day.
STI opened @ 3022.19 and after that made a low of 3013.59 and took support @ that level and from there it continued trading upwards and made a high of 3052.03 and finally closed @ 3043.03 with gain of 20.84 points up by 0.69%.
MARKET FORECAST
It’s a 4 continuous trading day when STI tradeed in upwards direction and also today STI crossed its up sloping trend line and closed above that level which is a good sign for it, as we told that n first 3 trading sessions it made a 3 white candles and still looks bullish in the further trading sessions.
Today STI made a high of 3052.03 , and now it is trading above its up slopping trend line and crossed its major Resistance of 3035, and sustains above this level too , and also the Technical indicator MACD gives bullish crossover and which is a good sign for coming days, we feel more 50-100 points of uptrend from this level.
On the other side of coin now this up slopping trend line will act as a Support level for STI.
RESISTANCE
STI have a Resistance @ 3070 and above this level 3100-3130 will be the major resistance zone for STI.
SUPPORT
STI have strong support @ 3020 and below this level it can take support @ 2990-2960 levels.
TECHNICAL INDICATORS
MACD turned to bullish phase as it gave bullish crossover and also RSI took support @
lower levels but trades @ 50.54 just crossed its centreline of 50.
Techncial View on Nifty (25th March ’11)
Markets opened in the green and extended the gains followed by positive global cues. The Nifty traded in a narrow band of 68 points and the India VIX (Volatility Index) declined to the 20 mark which gave a positive momentum to the markets. The S&P CNX Nifty closed at 5522.40, up 42.15 points or +0.77 %.
The Nifty futures closed and settled finally at 5545.80, up by 45.55 points or 0.83 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5575 else below 5500 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5575 & above this level the next resistance is seen near the 5625 mark.
SUPPORT: It has first support close to the level of 5500 & below this level the next support is seen near 5415 mark.
Techncial View on Bank Nifty (25th March ’11)
In banking, CNX Bank Index gained 112.25 points or 1.02 %. Amongst the banking stocks State Bank of Bikaner & Jaipur, Bank of Maharashtra and State Bank of Mysore lead the row.
Bank Nifty Futures shut stop at 11123.75 up 137.70 points or 1.25 %.It is looking bullish in the coming trading session if it manages to trade above the resistance level of 11155 else below 11000 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 11155 above this level the next resistance is seen near to the level of 11325.
SUPPORT: It has first support close to the level of 11000 & below this level the next support is seen near 10760 marks.
Bank Nifty Futures shut stop at 11123.75 up 137.70 points or 1.25 %.It is looking bullish in the coming trading session if it manages to trade above the resistance level of 11155 else below 11000 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 11155 above this level the next resistance is seen near to the level of 11325.
SUPPORT: It has first support close to the level of 11000 & below this level the next support is seen near 10760 marks.
Technical View on Nifty (24th March ’11)
With a positive opening this morning, the bourses kept up the momentum, and traded firm through the day until late afternoon, shrugging off Asian power-house Nikkei's near-2% drop in value today. The S&P CNX Nifty closed at 5480.25, up 66.40 points or +1.23%.
The Nifty futures closed flat and settled finally at 5503.10, up by 68.95 points or 1.27 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5530 else below 5415 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5530 & above this level the next resistance is seen near the 5575 mark.
SUPPORT: It has first support close to the level of 5410 & below this level the next support is seen near 5350 mark.
Technical View on Bank Nifty (24th March ’11)
In banking, CNX Bank Index gained 186.80 points or 1.73 %. Amongst the banking stocks State Bank of Bikaner & Jaipur, Bank of Maharashtra and State Bank of Mysore lead the row.
Bank Nifty Futures shut stop at 10994.90 up 180.45 points or 1.67 %.It is looking bullish in the coming trading session if it manages to trade above the resistance level of 11050 else below 10760 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 11050 above this level the next resistance is seen near to the level of 11155.
SUPPORT: It has first support close to the level of 10690 & below this level the next support is seen near 10520 marks.
Technical View on Nifty (23rd March ’11)
Indian markets snapped a three-day fall and firmed 0.92 percent, supported by a rebound in Japan and gains in other markets but investors were skeptical if the rise would hold in the near term as developments unfolded in the Middle East. The S&P CNX Nifty closed at 5413.85, down 49.10 points or 0.92%.
The Nifty futures closed flat and settled finally at 5434.15, up by 54.05 points or 1 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5450 else below 5350 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5450 & above this level the next resistance is seen near the 5505 mark.
SUPPORT: It has first support close to the level of 5350 & below this level the next support is seen near 5300 mark.
Technical View on Bank Nifty (23rd March ’11)
In banking, CNX Bank Index gained 7.70 points or -0.07 %. Amongst the banking stocks Dhanlaxmi Bank, Karur Vysya Bank and Yes Bank lead the row.
Bank Nifty Futures shut stop at 10771.30 up 47.70 points or 0.44 %.It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10865 else below 10690 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 10865 above this level the next resistance is seen near to the level of 10970.
SUPPORT: It has first support close to the level of 10690 & below this level the next support is seen near 10610 marks.
Technical Overview on Nifty (23rd September '10)
Nifty witnessed an upside consolidation phase today and in the end made a closing in the red zone. The next technical resistance for nifty future seems close to the levels of 6050 to 6060. Decisive closing above this resistance zone may lead nifty future for the level of 6155 to 6180 in near run. The immediate support for nifty future seems close to the level of 5950. Closing below this support may make it slip till the levels of 5900 to 5905 in near run. For intraday trading we recommend long position in nifty future from the current levels with the stop loss around 5950 for the target of 6150 in near run.
Technical Overview on Bank Nifty (23rd September '10)
Bank Nifty Future is holding the upper levels and today made strong recovery after small corrections and in the end made closing in the green zone. Now the next technical resistance for bank nifty future seems close to the levels of 12360 to 12365. Decisive closing above this resistance zone may take it up to the level of 12500 in near run. The immediate support for bank nifty future seems close to the level of 12150. Decisive closing below this support may slip it till the levels of 12090 to 12100 in near run.
Technical Overview on Sensex (23rd September '10)
Sensex witnessed some correction from the upper levels and in the end made closing in the red zone. Now the next technical resistance for sensex seems to be in the zone of 20200 to 20250. Decisive closing above this resistance zone may further take it up till the levels of 20400 to 20425 in near run. In the downside the immediate support for sensex seems close to the level of 19790 to 19800. Closing below this support zone may make it slip till the levels of 19635 to 19640 in near run.
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