S&P CNX NIFTY closed up 48.450 at 3,122.800. Volume was 25% above average (neutral) and Bollinger Bands were 110% wider than normal.
Technical Outlook
| Short Term | OverSold | |
| Intermediate Term | Bearish | |
| Long Term | Bearish |
Support < Support < [[Crucial]] > Resist > Resist
2,960.5999 < 3,041.6997 < [[ 3,140.0498 ]] > 3,221.1497 > 3,319.4998
 | 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 on the price chart |
Bharat Mudgal’s Comments:
The NIFTY has taken strong support at the levels mentioned in the weekly report. Moving ahead, though the NIFTY has taken support we do not still have any buy signal and one should not get carried away with any up move. Please know that bottom-formation is usually a long process which might take months and years. Nifty has resistance at 3225 and then strong resistance 3365. Be very careful around these two levels.
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