S&P CNX NIFTY closed down -69.100 at 3,269.300. Volume was 58% above average (neutral) and Bollinger Bands were 83% wider than normal.
Technical Outlook
| Short Term |  | Neutral |
| Intermediate Term |  | Bearish |
| Long Term |  | Bearish |
Support < Support < [[Crucial]] > Resist > Resist
3,000.3997 < 3,134.8496 < [[ 3,234.3499 ]] > 3,368.7998 > 3,468.3000
 | We would only look for a signal to sell. |
 | The momentum is downward. |
 | The downward momentum is slowing. |
 | This is an area to be cautious. If you are short, consider protecting your profits. If not in the market, be ready to sell lightly which must be confirmed by the downward momentum starting to increase |
Bharat Mudgal’s Comments:
The NIFTY broke the strong support of 3190 yesterday but closed well above it. Despite the strong up move in the second half yesterday we are not yet positive and will wait for a few days before changing our negative outlook. There could be an up move today as the US Markets closed positive. However, we do not still have a buy signal on the daily charts.
Related articles
Post a Comment