iCharts Discussions

stockmode · Posted: Tue Mar 18, 2008 9:53 am Post subject: Nifty Report - March 18, 2008

Close: 4,503.1001

Support < Support < [[Crucial]] > Resist > Resist
4,313.5332 < 4,408.3164 < [[ 4,576.8833 ]] > 4,671.6665 > 4,840.2334
Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
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• We would only look for a signal to sell.
• The momentum is downward.
• The downward momentum is slowing.
• This is an area to be cautious. If you are short, consider protecting your profits. If not in the market, be ready to sell lightly which must be confirmed by the downward momentum increasing

Bharat Mudgal’s comments:
The NIFTY has reached over-sold zone which indicates there might be some short-covering and/or value-buying emerging at these levels. This, however, is not a signal to buy. One should wait for clear buy signals on the charts before taking any position. Despite the drastic fall yesterday, the downward momentum has slowed down which also indicates that there has been some value-buying. Major resistance for NIFTY is at 4888

"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."