NSE NIFTY Analysis – Aug 20, 2010
NSE NIFTY Report –Aug 20, 2010
Technical Analysis
S&P CNX NIFTY closed up 61.050 at 5,540.200. Volume was 12% above average (neutral) and Bollinger Bands were 52% narrower than normal.
Technical Outlook
Short Term:Overbought
Intermediate Term:Bullish
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 crossed 5488 yesterday and gave an indication that we might see a strong up move soon. The mid-term momentum of the NIFTY is upward and will remain upward till the NIFTY is closing above 5397.
The market is now overbought and there might be some profit booking. However, till the mid-term momentum is upward, there is nothing much to worry about. On the downside, there is some support at 5431.
Many of our stock-specific calls were up from 5-10%.
The short-sell indicator is in the ***** zone.
Category: Market Trend Report
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I am the research analyst at stockMode Networks. If you have reached this website then you must be interested in the Indian Stock Markets. Explore the posts published here and feel free contact me at any time.Subscribe
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