Close: 4,038.1499

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Support < Support < [[Crucial]] > Resist > Resist

3,712.0505 < 3,875.1006 < [[ 3,962.6003 ]] > 4,125.6504 > 4,213.1504

Technical Outlook

Short Term: Neutral

Intermediate Term: Bearish

Long Term: Bearish

· 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.

Bharat Mudgal’s comments:

Users were informed that we do not expect the NIFTY to go below 3790 and the nifty bounced back strongly from this zone.

Moving ahead, there could be an up move today but the global markets are still in trouble. We have a negative signal on the charts and till such time it doesn’t get over, we will be interested in reducing the existing long position. An upmove, if any, will find resistance around 4117-4140 zone. Be careful around these levels.