iCharts Discussions

stockmode · Posted: Wed Mar 19, 2008 9:49 am Post subject: Nifty Report - March 19, 2008

Close: 4,533.0000

Support < Support < [[Crucial]] > Resist > Resist
4,390.4331 < 4,461.7168 < [[ 4,539.8335 ]] > 4,611.1172 > 4,689.2339

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 accelerating.
• If already in this market we would take any valid sell signal. If no signals have been hit, we would watch for the first valid sell signal on the price chart.

Bharat Mudgal’s comments:

The market is still in an over-sold zone and as said yesterday, there could be an upward movement. However, till such time we get a clear buy signal we should NOT buy afresh. Major resistance for NIFTY is at 4899.
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