Nifty Technical Analysis For 20th Aug 09

Nifty Intraday Chart - 15 mins:

Nifty is moving in a channel with higher volumes. Yesterday it did break the important level of 4356, but it didn't show any weakness after that. 4421 may give as minor resistance. After that 4472 may act as important resistance for today, if it breaks then the same may act as good support.

Nifty Chart - Daily:

On Daily charts Nifty is still looking little bit weak. But the increased volumes are clearly visible. Showing some buying interest in the lower levels.

Nifty Chart - Hourly:

Yesterday Nifty formed a tweezer bottom, increasing the importance of the 4350 levels. Now this level may act as very good support zone, if it is broken then we may see some more weakness in the market.

On the higher side Nifty may take resistance from 4470 levels, if it is broken then it may reach 4516-4524 levels. 4500 may act as intermediate minor resistance in between.

On the lower side 4356-4344 levels may act as good support. It these levels are broken then we may see Nifty heading towards 4220 levels, which is also 61.8% of the the total up move from low of 3910 to the high of 4730 levels.