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Nifty Report - May 02, 2008 |
stockmode
White Belt
Joined: 08 Jan 2007
Posts: 79
Location: indore, india
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Post: #1  Posted: Fri May 02, 2008 9:19 am Post subject: Nifty Report - May 02, 2008 |
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Close: 5,165.8999
Support < Support < [[Crucial]] > Resist > Resist
5,109.2666 < 5,137.5830 < [[ 5,184.1665 ]] > 5,212.4829 > 5,259.0664
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
• We are only interested in a long position.
• The momentum is upward.
• The upward momentum is slowing.
• This is an area to be cautious about placing a long entry, and if you are already long it might be time to tighten your stop.
Bharat Mudgal’s comments:
The trend is up. The momentum is up. All the “Mudgal Crash Oscillators” are in a buy zone. The only concern is the short term trend which his overbought and the upward momentum is slowing down. This does NOT call for going short, rather we will use a downside, if at all there is any, to buy. Support for NIFTY is at 5049. The NIFTY must cross 5230 to show further strength.
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