(1) Nifty Chart & Levels For 17/01/2011 ::
Nifty :: Weekly Engulfing bearish candle conformation with volume.. One by one Nifty and Sensex given more conformation of mid term bearish structure.. As per technical now new high impossible as far as stay below 6181..
But.. At new low with full of weekly conformation Daily and intraday short term indicator made positive divergence with NSI.. Watch first strong support 5640 on 17th Jan 2011. Below 5640 next strong support zone 5600 to 5540.Avoid shorting in hammering.. Conservative intraday trader watch 5640, if Nifty correct and again move up above 5640 then enter for buy with Monday low stop loss.. If Nifty hold 5640 then enter with stop loss 5640, and if Nifty correct sharp below 5640, aggressive trader watch strong support zone 5600 to 5540 and enter for short term corrective buy with stop loss 5540.. Use strictly small stop in all buying due to major bearish chart formation.. Resistance for up move at 5689/5710/5736.. Supports at 5640/5625 & Strong support zone 5600 to 5540..