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Nifty Report - Important - Oct 09, 2007

 
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Author Nifty Report - Important - Oct 09, 2007
stockmode
White Belt
White Belt


Joined: 08 Jan 2007
Posts: 79
Location: indore, india

Post: #1   PostPosted: Mon Oct 08, 2007 8:46 pm    Post subject: Nifty Report - Important - Oct 09, 2007 Reply with quote

Close: 5,085.1001



_______________________________________
Support < Support [[Crucial]] > Resist > Resist
4,895.1670 < 4,990.1338 < [[ 5,119.7168 ]] > 5,214.6836 > 5,344.2666

_______________________________________

Technical Outlook

Short Term: Overbought

Intermediate Term: Bullish

Long Term: Bullish

_______________________________________

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 4869 before looking for a valid sell signal.
_______________________________________

Bharat Mudgal's comments:

In the previous NIFTY report it was said, " It is advisable to avoid trading in index stocks. We cannot give a short call yet as the momentum is still up, however, caution is the word." The reason was obvius today. Moving ahead, things do not look very good in the short term. We have got our first alert on charts singnaling a strong short term correction. We might get the second one soon ( say in a day ). One can go SHORT on NIFTY FUT on upmove with stopLoss at 5265 for SPOT NIFTY. Major support for NIFTY is at 4869 > 4740.
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