Thursday, February 24, 2011

NIFTY NEXT- Nifty EOD 24 Feb 2011 Technical Analysis

Nifty-Spot today ended with huge Down-fall of -3.2% to the level of 5262.7 with formation of a long black candle on daily price chart. Technically , nifty has shown weakness .All major momentum indicators are in bearish zone. As per Volatility Skew of Nifty options, 5200 will act as Strong Support in coming days, while 5700 will be Resistance .As per our NNI-Nifty Next Indicators, which increased by huge +1200% in today’s Trading session, along with decline in Traders’ Will and increase in Volume, suggests that Nifty will find Support around 5200 level  on 25 Feb 2011. Banking Stocks will be Positive on 25 Feb2011 mainly SBI & ICICI Bank. 

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