iCharts Discussions

[stockmode]

*Since the shout-box is not available during the market hours, live calls cannot be given*

Close: 5,192.2500

Support < Support < [[Crucial]] > Resist > Resist
5,137.8833 < 5,165.0664 < [[ 5,209.7832 ]] > 5,236.9663 > 5,281.6831


Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish


• We are only interested in a long position.
• The momentum is up.
• The upward momentum is accelerating.
• If not already long this is a good place to look for a valid other signal to buy.

Bharat Mudgal’s comments:

In yesterday’s report it was mentioned that a close above 5187 would strengthen the up move in NIFTY. However, during the day the NIFTY moved below this level and the same level has now moved up to 5197. The NIFTY has closed below 5197 and this calls for caution. Another close below this level will be an indication towards a probable downside. NIFTY has major support at 5070. All the “Mudgal Crash Oscillators” are still in a buy zone. However, the weak closing by NIFTY is making us take a cautious approach. It will be a good strategy to avoid taking overnight position because “if “a correction has to set in the market might open gap-down on the day of correction, if any.

"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."