NIFTY EOD Analysis for 29th Jan 2010

Nifty Analysis based on data for last 6 months daily chart.
Prior trend is downwards and today it has formed a Hammer pattern. The low of the hammer found support at trendline drawn from August End. This should be the end of the correction that we have been seeing since last week.
RSI is also moving up from oversold area. So, another bullish confirmation.
MACD is still under the signal line.
Overall, my view is Bullish. It should move up in the next session according to this chart.

Interpreting Charts - 29th Jan 2010

EXIDEIND

• LTP = 111.10

1. Candlesticks - Prior Downtrend and today it formed a Bullish Engulfing Candle. So, it should move upwards from here. BULLISH
2. EMA - Closed above 100 EMA. So, mainted Support. BULLISH
3. Trendline - BEARISH
4. Support and Resistance- If it goes downward, nearest support is at 105. Next support is at 100. Resistance at 115.
5. Pivot Point (Monthly) - Closed above S1. Resistance = 114, Support = 109. BULLISH
6. Parabolic SAR - BEARISH
7. Volume - Higher than yesterday. BULLISH
8. ADX - +DMI showing -ve bias, -DMI is above ADX and +DMI.  BEARISH

Overall Outlook = Bullish, 1st TGT = 125.
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SUZLON

• LTP = 77.30

1. Candlesticks - Prior Downtrend and today it formed a Bullish Engulfing Candle. So, it should move upwards from here. BULLISH
2. EMA - Way above price line. BEARISH
3. Trendline - BEARISH
4. Support and Resistance- 72 and 80
5. Pivot Point (Monthly) - Closed above S2. Resistance = 81, Support = 72. BULLISH, TGT = 80
   
6. Parabolic SAR - BEARISH
7. Volume -Lower  than yesterday.
   
8. ADX - +DMI showing +ve bias, -DMI is above ADX and +DMI.  But, -DMI showing -ve bias. BULLISH

Overall Outlook = Bullish, 1st TGT = 80.

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TV-18

• LTP = 76.90

1. Candlesticks - Prior Downtrend and today it formed a Bullish Engulfing Candle. So, it should move upwards from here. BULLISH
2. EMA(28,65,100) - Way above price line. BEARISH
3. Trendline - BEARISH
4. Support and Resistance- 72 and 85
5. Pivot Point (Monthly) - Resistance = 78, Support = 71. BULLISH, TGT = 74 --> 84--> 92
   
6. Parabolic SAR - BEARISH
7. Volume -Lower  than yesterday.
   
8. ADX - +DMI showing -ve bias, -DMI is above ADX and +DMI.  BEARISH

Overall Outlook = Bullish, because of Bullish Engulfing Candlestick.
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NTPC

• LTP = 214.80

1. Candlesticks - Prior Downtrend and today it formed an almost Doji like candlestick. Kissed support at 210 and bounced back. Closed way above the day's low.
2. EMA(28,65,100) - Way above price line. BEARISH
3. Trendline - BULLISH
4. Support and Resistance- 210 and 220
5. Pivot Point (Monthly) - Resistance = 226, Support = 214. BULLISH, TGT = 226
   
6. Parabolic SAR - BEARISH
7. Volume -Lower  than yesterday.
   
8. ADX - +DMI showing -ve bias, -DMI is above ADX and +DMI.  BEARISH

Overall Outlook =Wait and Watch.
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World Markets analysis as on 28th January 2010

DOW Analysis

• LTP = 10,120.46
  

1. Candlesticks - Long red candlestick with good wicks.
   
2. EMA - Closed just below 100 EMA.
   
3. Trendline - Closed on Trendline support.
   
4. Support and Resistance- 10,115 and 10,500
   
5. Pivot Point (Monthly) - Today it found support at S2. Resistance = 10,190, Support = 10,100
6. Parabolic SAR - Bearish
   
7. Volume - Higher than yesterday.
8. ADX - +ADX cuts -DMI, -DMI showing -ve bias, +DMI also showing -ve bias.

In my view, DOW should bounce back from here after touching the support of trendline and 100 EMA. Also it has support at S2 level of monthly pivot point.

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FTSE

• LTP = 5145.70
  

1. Candlesticks - Couldn't sustain day's high and closed at day's low. Bearish indication
   
2. EMA - Closed below 100 EMA.
   
3. Trendline - Trading below trendline.
   
4. Support and Resistance- 5100 and 5300
   
5. Pivot Point (Monthly) - Closed below S1. Resistance = 5230, Support = 5090.
6. Parabolic SAR - Bearish
   
7. Volume - Higher than yesterday.
8. ADX - +DMI showing -ve bias, -DMI is above ADX and +DMI. -DMI is showing +ve bias.

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