Analysis of
S&P CNX NIFTY
as of 10/28/2008
S&P CNX NIFTY closed up 160.400 at 2,684.600. Volume was 67% below average (consolidating) and Bollinger Bands were 122% wider than normal.
Technical Outlook
| Short Term |  | Neutral |
| Intermediate Term |  | Bearish |
| Long Term | | Bearish |
Support < Support < [[Crucial]] > Resist > Resist
2,465.8333 < 2,575.2166 < [[ 2,635.5833 ]] > 2,744.9666 > 2,805.3333
 | We would only look for a signal to sell. |
| | 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 Fractal sell signal on the price chart. |
Bharat Mudgal’s Comments:
There has been a sharp up move lately, the resistance to this up move is at 2780 and then at 2950. These two levels are strong resistance levels and one should remain cautious near them. The trend is still down and the momentum is also down.
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