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Nifty Report - Oct 05, 2007 |
stockmode
White Belt
Joined: 08 Jan 2007
Posts: 79
Location: indore, india
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Post: #1  Posted: Thu Oct 04, 2007 9:21 am Post subject: Nifty Report - Oct 05, 2007 |
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Close: 5,210.7998
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Support < Support [[Crucial]] > Resist > Resist
4,941.5664 < 5,076.1831 < [[ 5,168.7666 ]] > 5,303.3833 > 5,395.9668
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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:
Despite yesterday's strong upmove, the upward momentum has slowed down on our charts. The kind of movement we got yesterday and the pattern on the charts indicates high-volatility. Last time when we had such a pattern, the BSE SENSEX moved down more as compared to the NIFTY. It wont be something new to say that the markets are in overBought territory. Please be carefull. |
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