iCharts Discussions

[stockmode]

Close: 4,777.7998


Support < Support < [[Crucial]] > Resist > Resist
4,684.0000 < 4,730.8999 < [[ 4,774.1499 ]] > 4,821.0498 > 4,864.2998

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


• Close is Inside the Alligator which means that the market is near to being balanced and the price might move in either direction.
• The AO is Increasing (Green AO bar) which means that the momentum is up.
• The AC is Increasing (Green AC bar) which means that the upward momentum is accelerating. With both the AO and the AC increasing the Price Bar should also be Green.
• This is a place to be alert for placing a long position but make sure that there is a valid Fractal Buy Signal outside the Teeth (Red Line on the Price Chart).

Bharat Mudgal’s comments:

On the NIFTY chart the red diamonds are still intact and they indicate selling pressure. These will probably disappear only if the NIFTY closes above 4870 on the price charts. The immediate resistance for the NIFTY exists at 4861 and support at 4768 > 4756.

We will restrain from giving calls for a few days as the earnings season has started. At times, standing aside is the best strategy one could follow.