iCharts Discussions

stockmode · Posted: Mon Oct 01, 2007 9:40 am Post subject: Nifty report - Oct 01, 2007

Close: 5,021.3501

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Support < Support [[Crucial]] > Resist > Resist
4,965.1836 < 4,993.2666 < [[ 5,024.5332 ]] > 5,052.6162 > 5,083.8828

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

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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.

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Bharat Mudgal's comments:

The NIFTY is getting into overBought zone and we will wait for correction to take midterm-longTerm position. For the week ahead, the upper range of NIFTY is 5250 and the lower range is 4810. Have a great trading week ahead.