iCharts Discussions

stockmode · Posted: Mon Sep 17, 2007 9:48 pm Post subject: Nifty Report - Sept 18, 2007

Close: 4,494.6499

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Support < Support [[Crucial]] > Resist > Resist
4,442.6504 < 4,468.6504 < [[ 4,508.8501 ]] > 4,534.8501 > 4,575.0498
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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 NIFTY report users were informed that one should keep reducing exposure at upmoves and wait for support levels to take long position. Moving ahead, the NIFTY has support at 4470 and a break below it will make room for 4438 > 4410 levels. The major support for NIFTY in the coming days will be around 4290. On the upside, the NIFTY must cross 4595 to show strenght. Until then, it is advisable to keep booking profits and reduce exposure, then look for support levels to re-enter.
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