iCharts Discussions

[stockmode]

Close: 5,731.7002
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Support < Support < [[Crucial]] > Resist > Resist

5,540.8003 < 5,636.2500 < [[ 5,704.3999 ]] > 5,799.8496 > 5,867.9995
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Technical Outlook

Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

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The market is near being balanced and might move in either direction
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 5685 on the Price Chart. Be patient and wait for the price to move along with the momentum continuing downward.


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Bharat Mudgal’s comments:

We have constantly been informing users that we do not have a BUY signal on the charts nor a sell signal. It is an indication to stand aside from the market. However, the markets have moved up a bit since then and users are asking why we haven’t given a buy call on NIFTY. To answer that I have started to attach the NIFTY daily chart with the reports. It can be clearly seen that the buy signal has not come even after yesterday’s strong upmove. I will stick to the technical charts and wont give a buy call unless and until it is seen on the charts. This is in your best interest. The reason why there is no buying signal on the charts will be known soon. The NIFTY has support at 5685 > 5583. On the upside, it must cross 5960 to show strength.