iCharts Discussions

stockmode · Posted: Wed Sep 05, 2007 9:39 am Post subject: Nifty Report - Sept 05, 2007

Close: 4,479.2500

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Support < Support [[Crucial]] > Resist > Resist
4,439.4165 < 4,459.3330 < [[ 4,480.3164 ]] > 4,500.2329 > 4,521.2163

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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:

NIFTY closed at 4479 and is now heading towards the resistance zone of 4620. The important thing to notice is that as the NIFTY is moving closer to the resitance, the upward momentum has slowed down. In the current scenario one may use upmoves to reduce LONG position and wait for the NIFTY to close above 4620 to take fresh long position. Support exists at 4345-4340. TIghten your stop.