Close: 4,161.2500

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

4,069.5835 < 4,115.4170 < [[ 4,161.6836 ]] > 4,207.5171 >  4,253.7837

Technical Outlook

Short Term: Neutral

Intermediate Term: Bearish

Long Term: Bearish

· The market is near to being balanced and the price might move in either direction.

· The momentum is up.

· The upward momentum is accelerating.

· This is a place to be alert for placing a long position but make sure that there is a valid Buy Signal.

Bharat Mudgal’s comments:

Earlier we were only looking for a signal to sell. Today, however, the market looks balanced and might move in any direction. The good thing is that the momentum is also up and is accelerating up. In such case we should look for a valid buy signal on the charts. The NIFTY has resistance at 4240 > 4280. Support exists at 4130 > 4096.