NSE NIFTY Analysis – Aug 05, 2010
NSE NIFTY Report –Aug 05, 2010
Technical Analysis
S&P CNX NIFTY closed up 28.300 at 5,467.850. Volume was 6% below average (neutral) and Bollinger Bands were 53% narrower than normal.
Technical Outlook
Short Term:Neutral
Intermediate Term:Bearish
Long Term:Bullish
- We are only interested in a long position.
- The momentum is up.
- The upward momentum is accelerating.
- If not already long this is a good place to look for a valid signal to buy.
Bharat Mudgal’s comments:
NIFTY spot has moved very close the the immediate resistance of 5478. The mid-term momentum is still up and will remain upward till the NIFTY is closing above 5345. There is a minor support 5386. A break below 5345 w ill indicate further downside to 5098 > 5038.
On the upside, the NIFTY must sustain above 5478 to show further strength.
Category: Market Trend Report
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