NIFTY Support @ 5970 & then at 5928

NIFTY Daily Analysis Technical Chart:

NIFTY had another big fall today.  It opened above previous 2 day's close but fell to close much lower.

Open: 6143.45  Close: 5988.70  (-132.90 / -2.17%)

Market Outlook:

• If NIFTY falls tomorrow, it could close near support of 5928.
• Today also it closed at a support level of 5970 and so might make another attempt to rise tomorrow before falling again

Technical Indicators:

• Today a triple bottom was formed at 5970, indicating very strong support at this level.
• NIFTY has still not entered oversold levels so could possibly fall a bit further tomorrow, but it wouldn't be as big a fall as today's.

News (Fundamentals)

• The fears over China's rate hikes and other financial news in China seem to have been given too much importance as it does directly make any big difference to India, at least not in the short term.  This fall seems more out of a sense of general insecurity than anything fundamental.  This tells us that the market should rise again soon.

NIFTY Daily Analysis Technical Chart

Gujarat NRE Coke: Testing long-term support line @54.70

GUJARAT NRE COKE Daily NSE Chart Technical Analysis:

The price continued to fall alongwith the rest of market.

Price opened at 58, higher than past two days close.  But it fell and CMP is 54.7.

Market Outlook:

• Price should start rising again on Wednesday or latest by Thursday, keep noticing this stock.

Technical Indicators.

• Price stopped exactly at the long term support of Rs. 54.70.  It even dipped to 54.25 intraday but recovered and rose up exactly to the support point.
• The stock has reached its oversold levels and this is also an indicator that the price could recover.
• If at all, the price falls below its support line at 54.70, there might be no recovery soon after that.  Let's hope this doesn't happen.

GUJARAT NRE COKE Daily NSE Chart Technical Analysis