Nifty Technical Analysis For 28th Aug 09

Nifty Chart - Daily:

Yesterday also Nifty formed a narrow range bar near the resistance line, but volumes are slightely reduced. If we compare these volumes with previous 1 weak back's volumes, they are good. Now Nifty is near to the resistance level, but increase of supply is not seen in the higher levels and bulls are not giving it up. When demand is added, Nifty would move up as supply is not intact. Due to global conditions if supply is increased a little bit we may see Nifty moving down due to lack of demand.

Nifty Chart - Hourly:

On the higher side Nifty has to cross the resistances, again the same 3 resistances which I have mentioned in yesterday's Pre-Market analysis post. The resistances are 4710-4727-4744. Nifty has to move up with high volumes from this resistance zone, otherwise one must be cautious to take long trades.

On the lower side, if Nifty breaks 4650 levels it may move down to 4610 levels. 4634 is the intermediate support for Nifty.