iCharts Discussions

[stockmode]

Close: 4,609.8501

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Support < Support < [[Crucial]] > Resist > Resist
4,490.0493 < 4,549.9492 < [[ 4,599.6997 ]] > 4,659.5996 > 4,709.3501
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Technical Outlook
Short Term: Neutral
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 downward momentum accelerating.
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Bharat Mudgal’s comments:
Users were informed since last couple of days that the market is overbought and could see some upmove, which should be used to reduce position. This strategy must have fetched profits as at the end of the day the markets lost the gains they made early morning. Moving ahead, the Short Term trend has now turned NEUTRAL ( was oversold till now ) and from here the market could decide its short term course. Howeber, the medium and long-term trends are BEARISH and we will wait for clear buy signals on the charts before buying. The immediate resistance exists at 4858 > 4896 > 5003. We need a close above 5003 to look for buying signals. Since the shortTerm trend has turned neutral, we will avoid doing short-selling for sometime.

"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."