Technical Analysis For 23/07/2012

23/07/2012

Nifty

Nifty closed again on a bear note at 5205.Last trading session had 3rd S3 was 5207 but nifty held below that level. So today the first resistance for nifty is at 5230 level. Next resistance are at 5255,and 5271 levels.

On downside, first support is at 5189 level. Next supports are at 5173 and 5148 level.So last trading day, nifty failed to hold upward 1st resistance at 5256 that i mentioned day before last trading day and on downside if nifty is again move below 5148 be very alert and better stay away from long side.

Have a look at weekly trend

Oscillator Analysis The oscillator is showing SELL signal and share is coming down from overbought level Short Term Oscillator Analysis- and NIFTY in oversold region. Trend is downwad retrace for short span of time.

20 July 2012: PCR_OI:1.13 PCR:0.993
20 July 2012 Premium: 11.5 Futures OI:23305050.0

BankNifty

Banknifty Oscillator Analysis is now trading in overbought level and now showing primitive weekness for downward for short term .The daily and weekly chart of Banknifty is now breakdown for short term.
intraday strong resistance 10582. if it cross and hold then it may test 10682 and while target support 10422 ,10336 and 10263

AVOID LONG POSITION AND TRADE WITH LEVELS OR STAY AWAY #####