iCharts Discussions

stockmode · Posted: Fri Apr 25, 2008 9:52 am Post subject: Nifty Report - April 25, 2008

Close: 4,999.8501

Support < Support < [[Crucial]] > Resist > Resist
4,939.9502 < 4,969.9004 < [[ 5,021.3003 ]] > 5,051.2505 > 5,102.6504

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

• We are only interested in a long position.
• The momentum is upward.
• The upward momentum is slowing.
• This is an area to be cautious about placing a long entry, and if you are already long it might be time to tighten your stop.

Bharat Mudgal’s comments:

As expected the nifty moved down yesterday. The market is still overbought in the short term and the upward momentum is slowing down. The immediate support for NIFTY is at 4975 and then 4905. If NIFTY closes below 4905 then our positive bias will be negated. On the upside, we need a close above 5141 for the NIFTY to show strength. We will reduce the number of calls here and wait for the NIFTY to breakout on either side.

Have a great trading day ahead!

"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."