Nifty Report – Oct 06, 2008

Close: 3,818.3000

 

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

3,699.5334 < 3,758.9167 < [[ 3,864.2334 ]] > 3,923.6167 >  4,028.9333

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 slowing. 

· This is an area to be cautious.  If you are short, consider protecting your profits.  If not in the market, be ready to sell lightly which must be confirmed by the downward momentum starting to increase.

Bharat Mudgal’s comments:

There is no buying signal. The downward momentum is slowing but we will still wait for a clear buy signal. Resistance is at 4055.