iCharts Discussions

stockmode · Posted: Tue Apr 08, 2008 9:17 am Post subject: Nifty Report - April 08, 2008

Close: 4,761.2002

Support < Support < [[Crucial]] > Resist > Resist
4,559.7666 < 4,660.4834 < [[ 4,729.5166 ]] > 4,830.2334 > 4,899.2666

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

• We would only look for a signal to sell.
• The momentum is downward.
• The downward momentum is accelerating.
• If already in this market we would take any valid sell signal. If no signals have been hit, we would watch for the first valid sell signal 4610.

Bharat Mudgal’s comments:

The market moved up well but halted near the first resistance of 4807. The momentum is still downward and the sell signal is still intact. However, as being mentioned in the previous nifty reports, the “Mudgal Crash Oscillator – Fast” is in a buy mode and one should avoid short-selling till the time it doesn’t get back in sell mode. On the upside, NIFTY has resistance at 4807 > 4904. Support exists at 4610.