iCharts Discussions

stockmode · Posted: Wed Aug 29, 2007 9:51 am Post subject: Nifty Report - Aug 29, 2007

Close: 4,320.7002

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Support < Support [[Crucial]] > Resist > Resist
4,261.6001 < 4,291.1499 < [[ 4,310.1499 ]] > 4,339.6997 > 4,358.6997

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

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The market might move in either direction.
The momentum is up.
The upward momentum is accelerating.
This is a place to be alert for placing a long position but make sure that there is a valid Fractal Buy Signal above 4350.

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Bharat Mudgal's comments:
The NIFTY has shown quite some strength from the support levels. Today NIFTY made an attmept to cross the resistance level but failed. The market is critically poised and can move on any side now. Support exists at 4112 > 4002. Resistance is at 4350. We do not have a BUY signal nor a SELL signal. Lets wait for the market to take a direction first and then get into a trade.