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Nifty Report - May 08, 2008 |
stockmode
White Belt
Joined: 08 Jan 2007
Posts: 79
Location: indore, india
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Post: #1  Posted: Thu May 08, 2008 9:52 am Post subject: Nifty Report - May 08, 2008 |
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Close: 5,135.5000
Support < Support < [[Crucial]] > Resist > Resist
5,074.1333 < 5,104.8164 < [[ 5,131.9331 ]] > 5,162.6162 > 5,189.7329
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
• We are only interested in a long position.
• The momentum is downward.
• The downward momentum is accelerating.
• This is an area where whiplashes can occur and we would wait until the close is at least below 5002 on the Price Chart before looking for a Valid sell signal.
Bharat Mudgal’s comments:
Though we are interested only in a long position but the momentum has turned down and the downward momentum is accelerating. Our users have been kept Informed that the NIFTY has been closing below the crucial level and one should be careful. The one good thing is that the markets are now neutral ( previously overBought ). The crucial level has moved upto 5216 and support is at 5101 > 5030 > 5002.
"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."
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Everything is possible. We tell you whats more likely. |
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