iCharts Discussions

stockmode · Posted: Tue Sep 18, 2007 10:29 pm Post subject: Nifty Report - Sept 19, 2007

Close: 4,546.2002

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Support < Support [[Crucial]] > Resist > Resist
4,456.2666 < 4,501.2334 < [[ 4,526.5166 ]] > 4,571.4834 > 4,596.7666

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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 4448 on the Price Chart before looking for a valid sell signal.

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Bharat Mudgal's comments:

Although most of the indicators are showing positive move in the NIFTY but the momentum has turned downward and is accelerating. We would be hesitant to buy at current levels. NIFTY will enter into mid-term bullish zone once it crosses 4595. on the downside, support exists at 4448 > 4415 > 4300. Please be careful here on and maintain strict stopLoss levels.