iCharts Discussions

stockmode · Posted: Wed Oct 10, 2007 9:42 am Post subject: Nifty Report - Oct 10, 2007

Close: 5,327.2500
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Support
< Support [[Crucial]] > Resist > Resist
4,877.8833
< 5,102.5664 < [[ 5,225.6333 ]] > 5,450.3164 > 5,573.3833
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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 downward.
The downward momentum is accelerating.
This is an area where whiplashes can occur and we would wait until the close is at least below 5024 before looking for a valid sell signal.
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Bharat Mudgal's comments:
Despite the alert signal yesterday's move was euphoric. For sure the markets are trading in overStretched territory. Result season is around and actual valuations will now come out. Due to yesterday's initial downside, the momentum on our charts is downward and accelerating. We gave a sell call on NIFTY FUT with very close stopLoss which was hit. We will now wait for a clear sell signal, till then ride the upward rally.
Stocks to watch are RELIANCE ENERGY, iGATE GLOBALSOFT, ASIAN ELEC, THERMAX, INDIABULLS REAL ESTATE (yesterday's buy call), INDOTECH, NITCO TILES