iCharts Discussions

stockmode · Posted: Mon Sep 10, 2007 9:27 am Post subject: Nifty Report - Sept 10, 2007

Close: 4,509.5000

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Support < Support [[Crucial]] > Resist > Resist
4,471.2002 < 4,490.3506 < [[ 4,519.0503 ]] > 4,538.2007 > 4,566.9004

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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:

In the previous reports, it was mentioned that one must use any upmove to reduce any long position and then wait for market to get stable. Looking at the global markets, the reason now seems obvious. NIFTY closed at 4509 and any long positions must be now taken only if it crosses 4570. After this the resistance exists at 4609. On the downside, support exists at 4385 > 4370. One can get LONG around the support zone. Have a great week ahead!

nanchilvijay · White Belt Joined: 13 Jun 2007 Posts: 26

4445 is the turning point today 4396<= 4412 <= 4422 <= 4445=> 4461 => 4471 => 4488 For shorting @4438 SL 4445. For longs @4445 stop loss 4438. Traders are adviced to have strict stop loss.

nanchilvijay · White Belt Joined: 13 Jun 2007 Posts: 26

market moved from registering a low of 4429 to a high of 4507 but in b/w retraced from a high of 4492 to 4473 and moved on to days high of 4507 retracing back to 4495 and closed 4499