Analysis of
S&P CNX NIFTY
as of Oct 21, 2008

S&P CNX NIFTY closed up 112.100 at 3,234.900.  Volume was 51% above average (neutral) and Bollinger Bands were 104% wider than normal.

Technical Outlook
Short Term:          Oversold
Intermediate Term:   Bearish
Long Term:           Bearish

Support < Support < [[Crucial]] > Resist > Resist
3,064.8665 < 3,149.8828 < [[ 3,202.3665 ]] > 3,287.3828 >  3,339.8665

• We would only look for a signal to sell.
• The momentum is downward.
• The downward momentum is accelerating.
• If already in this market we would take any valid sell signal.  If no signals have been hit, we would watch for the first valid sell signal on the price charts.

Bharat Mudgal’s comments:

International markets are down today and we might see a weak opening as well. Users were informed yesterday to book intraday profit as this was quite expected. Moving ahead, Nifty has support at 3185 and then at 3085 level. On the upside, 3325-3330 might give strong resistance to NIFTY. Watch out for profit booking at higher levels.