iCharts Discussions

stockmode · Posted: Thu Apr 10, 2008 9:36 am Post subject: Nifty Report - April 10, 2008

Close: 4,747.0498

Support < Support < [[Crucial]] > Resist > Resist
4,633.5166 < 4,690.2832 < [[ 4,724.2666 ]] > 4,781.0332 > 4,815.0166

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 slowing.
• This is an area to be cautious. If you are short, consider protecting your profits. If not in the market, be ready to sell lightly which must be confirmed by the downward momentum starting to accelerate ( currently slowing)

Bharat Mudgal’s comments:

Volatility is high and it could be sensed by the fact that at yesterday’s opening the momentum was technically “upward” and at the closing it turned “downward”. Day traders might have been easily stuck ( though our calls are working great ). The NIFTY has immediate resistance at 4767 and then 4871. Support exists at 4745 and then 4610.
Have a great trading day!