iCharts Discussions

[stockmode]

Close: 5,473.7002
Support < Support [[Crucial]] > Resist > Resist
5,068.0332 < 5,270.8662 < [[ 5,379.6831 ]] > 5,582.5161 > 5,691.3330

Technical Outlook
Short Term: Neutral
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 5070 before looking for a valid sell signal.

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Bharat Mudgal's comments:
Its all so clear. Technical charts work so well and they almost speak out whats going to happen. For the rest of the report I would like you to refer to the chart above.
We very successfully warned the users of the crash with our crash oscillator. Twice. However, during the steep fall, we did not ask anyone to short the NIFTY as we still had the blue dots intact on the charts. Now, in yesterday's report I clearly mentioned "The NIFTY is quite close to the immediate support of 5046. We need to watch if it breaks below it or sustains above it. This is a very crucial level for our charts." This indicates that we did expect the NIFTY to take support and bounce back up. Please refer to the chart above and see how closely the NIFTY took support at the yellow line and bounced up.
Moving ahead, we expect the NIFTY to touch new highs in the coming days. Immediate resistance being 5711 and above it another strong rally. This, however, could be accompanied with very high volatlity and wild swings both upside and downside. The stocks to be watched out have already been mailed to the subscribers.