iCharts Discussions

[stockmode]

Close: 5,144.6499
[hr]

Support < Support < [[Crucial]] > Resist > Resist
5,058.4170 < 5,101.5342 < [[ 5,154.0171 ]] > 5,197.1343 > 5,249.6172


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


• 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:
In the previous report users were informed that the market has been overbought since a few days and a correction is likely. Another reason given was that the NIFTY has closed below the crucial level of 5096. The observation was correct and we saw a downside yesterday. Moving ahead, the upward momentum is slowing and the NIFTY is has closed below the crucial level (5206 now, seen as the red line on the attached chart { only for subscribers } ) and we will be very careful. Users have already been informed to avoid taking overnight position and try and square up the trades during the day. We are NOT bearish yet.
The NIFTY has support at 5115 > 5082 > 5050.

"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."