Close: 3,850.0500

 

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

3,654.7168 < 3,752.3835 < [[ 3,874.9668 ]] > 3,972.6335 > 4,095.2168

Technical Outlook

Short Term: Oversold

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:

The support of 3790 was breached yesterday and was an alarm although the NIFTY did not sustain below it for long. Moving ahead, there has been carnage across the world markets and our markets might not be spared either. However, the thing to be noticed is that our markets are not in the oversold region and after the initial margin-pressure selling there MIGHT be some bounce back due to this oversold position. Support is at 3770 > 3550. Resistance 4174. We do NOT have a buy signal and even overSold region is not a signal to buy.