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Nifty Report - Oct 08, 2007

 
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Author Nifty Report - Oct 08, 2007
stockmode
White Belt
White Belt


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

Post: #1   PostPosted: Mon Oct 08, 2007 9:52 am    Post subject: Nifty Report - Oct 08, 2007 Reply with quote

Close: 5,185.8501
Support < Support [[Crucial]] > Resist > Resist
5,115.5835 < 5,150.7168 < [[ 5,199.6333 ]] > 5,234.7666 > 5,283.6831
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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:
The NIFTY is in a highly overBought zone. 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. First major support for NIFTY is at 4970. There could be high volatilty, so please be careful. Till such time the market does not get balanced we may not come up with many calls. Today watch SASKEN (333) which has resistance at 340 > 350 > 372 with a stop at 313. INFOSYS has shown positive momentum and a close above 2030 will help it move further upto 2098.
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Other stock to watch:
L&T, SHR CEMENT, TATA SPONGE, TATA METALIK, AMTEK INDIA, TORRENT POWER.
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