iCharts Discussions

[stockmode]

Close: 5,519.3501
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Support < Support < [[Crucial]] > Resist > Resist
5,293.1499 < 5,406.2495 < [[ 5,507.4497 ]] > 5,620.5493 > 5,721.7495
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Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
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• We would only look for a signal to sell.
• The momentum is downward.
• The downward momentum is accelerating.
• If already in this market we would take any valid sell signal. If no signals have been hit, we would watch for the first valid sell signal below 5374.
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Bharat Mudgal’s comments:

Users were informed that we got the first sell signal by the Crash Oscillator. Along with this the upward momentum has also stopped. At yesterday’s close we got the second sell signal from the crash oscillator and we will NOT go for buying unless and until we get a clear buy signal. The major support for sensex is at 16990 and for NIFTY it is at 4989. Resistance for NIFTY is at 5574 > 5695.
Anyone following the report should try and avoid taking any long position unless and until we get a clear buy signal on the charts. There could be a rally prior to any downside, use it to reduce exposure.