Nifty update 22nd Jan 2010

As Expected nifty fails to cross the 5320 Level mark and have broken the lower support of 5200 have given a sharp sell off in market and have indicated the further down side is expected for lower level of 4920 - 4840 max up to 4750 in near term, lower support is seen at 4600 and if reversal is seen from any level above 4750 and sustain trading above 4900 will confirm the short term bottom is placed. some range bound trading is expected above 4700 before the bounce.

Intra day : Nifty opening is expected around 5000 and resistance is seen at 5020 and cross over of 4980 on lower side will open the door for 4940 - 4900 on lower side, and further down side is expected in near term. maintain stop of 5020 on closing basis and can wait for 4900 to 4880 today.