iCharts Discussions

stockmode · Posted: Wed Apr 30, 2008 9:43 am Post subject: Nifty Report - April 30, 2008

Close: 5,195.5000
[hr]

Support < Support < [[Crucial]] > Resist > Resist
5,034.1001 < 5,114.8003 < [[ 5,162.8501 ]] > 5,243.5503 > 5,291.6001

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

• 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:

So, the “Mudgal Crash Oscillator” has proven itself yet again. We have constantly been asking users not to go short till the Mudgal Crash Oscillators are in buy zone. Those who did go short-selling must have had huge losses. For them, we can say subscribe to us and we will help you.

Moving ahead, The short-term trend of the NIFTY is overbought and it is best to be stock-specific in the market. For NIFTY the closest support is now at 5019. On the upside, the resistance is at 5299 > 5545.

"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."