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

S&P CNX NIFTY is currently 26.6% below its 200-period moving average (4787.43) and is in a downward trend.  Volatility is high as compared to the average volatility over the last 10 periods.  Our volume indicators reflect moderate flows of volume out of S&P CNX NIFTY (mildly bearish).  Our trend forecasting oscillators are currently bearish on S&P CNX NIFTY and have had this outlook for the last 27 periods.  Our momentum oscillator is currently indicating that S&P CNX NIFTY is currently in an oversold condition.  

Close: 3,513.6499

Support < Support < [[Crucial]] > Resist > Resist
3,207.5500 < 3,360.6001 < [[ 3,482.5000 ]] > 3,635.5500 >  3,757.4500

• 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 Chart.

Bharat Mudgal’s comments:

Those following the NIFTY Report regularly must have been spared of the brutal downswing that has cause panic at dalal street. Moving ahead, The sell signal is still intact, however, the NIFTY has come near the target of 3300 that I gave in January. Interestingly, Reliance Industry has also touched the level of 1600 which I targeted at the same time. From here there could be a strong bounce back up to 3900. However, please note that this upmove should be used to reduce long position and one should wait for a clear buy signal on the price charts. Please read our report on the weekly chart of NSE Nifty

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