techtrends

After falling 19% since closing of Jan 3'2011 (6158) markets still don't show any signs of revival....Have BULLS lost hope??Or they gave up????. Markets are trading well below 100 day EMA Low of  5348.  Nifty has bounced back after making a low of 4720 in past few trading sessions (I would say a 5% recovery) but still charts looks confusing.(sideways). Nifty will see a stronger momentum on the upside if it breaches 5239 and trades strong above the same......For coming few trading sessions I will maintain a cautious approach as the downside is more and the risk return tradeoff may turn unfavorable....  Near Term Support and Resistance R1 - 5128 R2 - 5335 S1 - 4932 S2 - 4709

In past few trading sessions there was a spike in price of share but this was not supported by volume. Indicators like MACD and RSI have turned negative and hence one can start booking profits in the same. S1 1953 S2 1920 R1 1981.5 R2 2017.5 Today’s closing price is 194, it has already broken the crucial support point of 1953, next level to look at is 1920 - 1906. Recommendation:- Book Profits (Sell)