iCharts Discussions

[stockmode]

Close: 5,081.7002

Support < Support < [[Crucial]] > Resist > Resist
5,015.1338 < 5,048.4170 < [[ 5,095.7334 ]] > 5,129.0166 > 5,176.3330

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


• The price might move in either direction.
• The momentum is downward.
• The downward momentum is accelerating.
• In this situation we wait until the price begins to follow the momentum, which is indicated by the price moving below 5006 on the Price Chart. Be patient and wait for the price to move along with the momentum continuing downward.


Bharat Mudgal’s comments:

Users have been kept updated about the expected downside. Moving ahead, the market has become oversold and NIFTY is near the immediate support of 5060. This might help the market move up to the resistance 5225 > 5287. Its best to avoid taking huge position here unless the market direction is clear ( as mentioned in the remark the market might move in either direction )

The NIFTY will be very weak IF it closes below 5006. On the upside, we need two consecutive closes above 5225. All the “Mudgal Crash Oscillators” are still in the buy zone.

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