iCharts Discussions

[stockmode]

Close: 4,879.6499

Support < Support < [[Crucial]] > Resist > Resist
4,626.2168 < 4,752.9341 < [[ 4,835.0171 ]] > 4,961.7344 > 5,043.8174

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


• Close is above the Alligator which means we are only interested in a long position.
• 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.
• If not already long this is a good place to look for a Fractal or other signal to buy.

Bharat Mudgal’s comments:

Users followinf the NIFTY report carefully must have avoided any short-selling in the market and with the calls must have gained a lot. Moving ahead, the selling pressure from the NIFTY is over and as of now, we can say there is limited downside. We will however wait for a buy signal on the charts before going completely long in this market. Nifty must close above 4870 to stay out of the selling pressure. On the upside, resistance is at 4971 > 5082. Below 4870 support exists at 4795 > 4628.

BONGAIGAON REFINERY and CHAMBAL FERT look good for medium term. We are not coming up with any pre-market call as the result-season is on and we don’t want to take any risk.
Have a great trading day!



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