SGX Nifty Quotes, STI Views and Trading Levels

The SGX NIFTY is down by 166 points and the market watchers must be prepared for a void down opening due to weak global cues (Nikkie down 6.45 %, Hangsang 5%, and all other Asian indices down 2-3%).

STI MARKET REVIEW

STI plunge more than 100 points today's trade and breached all the decisive support levels and closed below major support level of 2965 @ 2946.08. STI opens with 21 points of gap and made a low of 2932.35 and consolidate day long between 2960-2940 levels and finally closed @ 2946.08 with loss of 84.78 points down by 2.80%

STI MARKET FORECAST

STI breached its up slopping trend line today i.e. 3025 level on daily graph and also break all the immediate support level too and closed below major Support level of 2965 @ 2946.08. STI took support just above its 61.8% and 76.4% Retracement level Daily & Weekly charts respectively, as we told previously that if STI breached its 61.8% retracement level on weekly chart than it can move 100-150 points down side.

SUPPORT : STI having strong support @ 2920 which is its 61.8% Retracement level if STI breached this level than it can go for 2885-2855 level.

RESISTANCE : STI having Resistance @ 2975 and above this level 3005-3035 will be the major resistance zone for STI.

STI Technical Levels & Forecast

After a weeklong consolidation, finally STI crossed its major Resistance level of 3072 and also maintained this level. From past few trading sessions as it was not able to sustain this level, besides that STI today traded above this level and closed its 3100 mark too.

STI is having its 200 day MA level of 3072.07; today STI sustained this level and closed well above this level, so now we can say STI is looking bullish on charts and expects 100-150 points  gain from this level.

RESISTANCE : STI have a Resistance @ 3118 which is multiple resistance and support level previously, so if it maintains this level then it can breach its 50 day MA level of 3157.75 and above this 3180 will be the next level for STI.

SUPPORT : STI have a strong support @ 3060 level if STI breached this level than it can go for 3030-3000 level.

Closing Report For Straits Times Index Singapore

Finally STI breached its major Resistance level and maintain above, from the opening bell STI were on firm node and closed above its 3100 mark after 14th Feb 2011.

STI opened @ 3066.52 levels and after that made a low of 3062.52, but took support and made a high of 3015.90 and finally closed near today’s high @3103.81 with gain of 37.32 points up by 1.22%.

Singapore Stocks, Quotes And Recommendation

Chip Eng Seng Corp Ltd

Chip Eng Seng Corp Ltd looks good on daily charts , it is trading above its up slopping trend line and also near to its 50 day MA level .

If Chip Eng Seng Corp Ltd sustains it 0.445 level than one can take long position above this level for target of 0.475-0.515-0.550 level

On the other side of coin if Chip Eng Seng Corp Ltd breached this up slopping trend line the level is 0.418 than it can go for 0.39 and 0.387 which is its 200 day MA level.

Oversea-Chines Bank Corp Ltd.

Oversea-Chines Bank Corp Ltd (OCB) seems to be reverse from this level as it is trading above its 200 day MA level of 9.195 @9.26 and if it took support @ this level and reverse from here than above its up slopping trend line it will be in bullish zone.

Resistance for OCB comes @ 9.40 and if scrip sustains this level than one can take long position for target 9.55-9.65 and above.

Support comes for OCB @ 9.04 from this level and if breached this level than it can go for more down side up to 8.90-8.80 soon.