iCharts Discussions

stockmode · Posted: Wed Apr 02, 2008 9:42 am Post subject: Nifty Report - April 02, 2008

Close: 4,739.5498

Support < Support < [[Crucial]] > Resist > Resist
4,551.0166 < 4,645.2832 < [[ 4,723.0166 ]] > 4,817.2832 > 4,895.0166

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

•We would only look for a signal to sell.
•The momentum is up.
•The upward momentum is slowing.
•This is an ambiguous market, so be patient and wait for the market to determine it's own direction and then follow the market.

Bharat Mudgal’s comments:

In the previous reports, users were informed that despite the downside, the “Mudgal Crash Oscillator – Fast” has sustained with a BUY signal on NIFTY. However, the slower oscillator is still in the sell signal. In such a case we can expect a strong upmove which should be used to reduce position unless the slower oscillator also gives a buy signal. The immediate resistance for NIFTY is at 4841 > 4950 > 5065. Support exists at 4564.

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well."