iCharts Discussions

stockmode · Posted: Mon Mar 24, 2008 9:50 am Post subject: Nifty Report - March 24, 2008

Close: 4,573.9502
[hr]

Support < Support < [[Crucial]] > Resist > Resist
4,424.2500 < 4,499.1001 < [[ 4,608.7500 ]] > 4,683.6001 > 4,793.2500
[hr]
Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

• 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 NIFTY is oversold and might have yet another upmove. However, the trend is down and the NIFTY needs to work a lot before showing any sign of an uptrend. The immediate resistance is at 4883 > 4964 > 5026. A close above 5026 is needed before we review our bearish outlook on the NIFTY. We will NOT buy till we get clear BUY signal on the charts.