Nifty Overview for 26 April 2010

Yesterday, on the daily charts, NIFTY made a White Candlestick. An upside movement was noticed in the markets, after Greek Prime Minister asked for a joint rescue plan from EU and IMF. NIFTY opened flat at 5269.65, and moved range bound throughout the session, made a high of 5311.05 and finally closed at 5304.10. 

Now, NIFTY is taking support at the levels of 5250 or it can be said that now, 50-Days EMA (Exponential Moving Average) is acting as its strong support level. In the coming week, we may see the impact of some decisions to be taken at G-20 Summit regarding Greece and Banking Taxation Policies. 5200 will also act as an important support level for the NIFTY in coming week.

Now, the next intraday resistance for NIFTY comes at 5335 / 5350 / 5370 levels. At the same time, 5285 / 5268 / 5240 will act as major intraday support levels.

What does Indicators say?

1. RSI (14 Days & 9 Days): The values are 57.37 and 55.51, respectively.
2. MACD (26 Days & 12 Days): Their Values are 29.94 and 49.34, respectively. a negative crossover is indicated by both the Moving Averages.
3. +DI: 20.13, -DI: 18.53, ADX: 25.95: The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is now above 20, indicating strength in the current trend.
4. SMA (50 Days) & EMA (20 Days): The values of these two indicators are 5121.33 and 5262.76. 20-Days EMA is now acting as the support level for the NIFTY, whereas 50-Days SMA is in positive territory, as EMA has moved above the SMA.