Market Watch

Market Watch - 16 Oct 2012
Today Nifty opened at 5706 with a gap up of 21 points. Nifty made its day high at 5714 and moved down. Nifty closed near to its day low at 5645 with an intraday decline of 61 points.
 Long, Intermediate are up, where as short term trend is indecisive.
It Support and Resistance are at 5635 & 5725 respectively.
Today Nifty saw a range of almost 80 points and closed below 5650. Nifty is making a bearish Head & Shoulder in Daily Chart with a neckline at 5635. Nifty is moving below its 20 day moving average.
A break below 5635 with volumes will confirm the Head & Shoulder and suggest that the short term will changes to bearish. Below first target comes at 5450 in Nifty.