iCharts Discussions

[stockmode]

Close: 5,111.7002
[hr]

Support < Support < [[Crucial]] > Resist > Resist
4,957.6328 < 5,034.6660 < [[ 5,076.1831 ]] > 5,153.2163 > 5,194.7334


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:

Users were informed that all the “Mudgal Crash Oscillators” are in the buy zone and despite the increased inflation rate, the market moved up very well. We are still positive on the markets but the short-term trend is overbought which calls for caution. Avoid buying the stocks for which the support level has been left far behind and keep tight stopLoss. We do NOT advocate going short in this market. The immediate resistance for NIFTY is at 5150. This level could provide stiff resistance and it is advisable to book partial profits near this level. On the downside, support exists at 4990 > 4919.

Stocks on our watchList are JINDAL STEEL (2330), JP HYDRO (69.35), BONGAIGAON (61), ALLAHABAD BANK (83)
Stocks looking negative are ACC(784), CROMPTON GREAVES (260), J&K BANK (645)

"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."