Wednesday, April 20, 2011

NIFTY NEXT- Nifty EOD 20 April 2011 Technical Analysis & OutLook For 21 April 2011

NIFTY-SPOT today(20 April 2011) traded well within our morning trading range and ended at 5851.65 with a gain of +1.9%. Nifty ended near to day’s high of 5857.35 with formation of Long White Candle on Daily Price Chart.VIX is now at 20.99. As per VS of Nifty-Options, Nifty has now strong support at 5800 and Upper Target at 5300/6400 by June/July2011  Expiry. PCR-OI is increased by +16.24% at 1.36.On Technical Price Chart, major momentum indicators are now in Bullish Zone. Spearman is also given Bullish signal on daily price charts .As per our Leading Indicators, NNI-Nifty Next Indicator, which gained  on 20 April 2011 by +7.0% , is now Trading at 14.80% along with increase in volume and marginal fall in Trader’s Hope, suggest that Nifty wil trade with Flat to Positive bias on 21 April 2011.6110 is now Strong Resistance for Nifty.  Unitech is Bearish on Daily Charts , may see  Sell_off on 21 April 2011.

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