Nifty Technical Analysis For 11th Sep 09

Nifty Chart - Daily:

Nifty Showed weakness yesterday, after a gap up opening it came down and closed around 50% of the Thursday's up move. Cloud cover indicates weakness, but we need to take confirmation from some other indicator to validate this.

One more thing to observe is volume on the up move days is much less then the down move days.

Nifty Chart - Hourly:

Nifty has to break yesterday's high of 4890 to gain momentum. On the higher side 4840 may act as resistance. 4890 may act as next major resistance. 4860 may act as intermediate resistance.

On the lower side 4785-4780 may act as good support. As I have already mentioned in yesterdays Pre-Market Analysis, nifty has bunch of supports in the range. Below 4785 it may take support from, 4760 level and then 4740 may come into play.