NSE NIFTY Analysis – Sept 02, 2010

NSE NIFTY Report –Sept 02, 2010
Technical Analysis

S&P CNX NIFTY closed up 69.450 at 5,471.850. Volume was 0% above average (neutral) and Bollinger Bands were 42% narrower than normal.

Technical Outlook

Short Term:Neutral

Intermediate Term:Bullish

Long Term:Bullish

• The market is near to being balanced and the price might move in either direction.
  
• The momentum is downward.
  
• The downward momentum is slowing.
  
• This is an ambiguous area, so be patient until the market gives a better reason for going either up or down. This is a dull market: remember that the biggest moves originate from dull markets.
  

Bharat Mudgal’s comments:

We gave a buy call to our subscribers on August 31 and since then the NIFTY has moved up very well.

Moving ahead, the NIFTY has moved up but the momentum is still neutral ( neither upward nor downward) and this calls for caution. It is advisable to wait and check the direction of the market in the coming days before we take any position. All the readers will be informed in the NIFTY Report about the market direction in the coming days.

The resistance on the upside is at 5530. The support exists at 5445 > 5424. The NIFTY must keep closing above 5424 now to show any strength.

Stocks in Fresh Upward Momentum					Stocks in Fresh Downward Momentum
Security Name	Close	Volume	Crucial		Security Name	Close	Volume	Crucial
ASHOKLEY	74.75	5561237	70.5476		IFCI	59.3	6411843	59.8859
SUJANATOW	61.3	1025514	56.7642		RENUKA	65.25	5834462	66.9515
ADSL	240.9	328479	234.1753		HDIL	259	5572874	269.9599
GABRIEL	61.8	264229	59.5979		IBREALEST	174.25	3456622	175.757
					INDIACEM	107.45	1140278	107.583
					LUPIN	356.8	802733	1552.605
					FORTIS	156.3	687482	156.4182
					APTECHT	145.6	413787	151.941
					TIMETECHNO	52.1	328770	53.5205
					NEYVELILIG	159.35	309735	161.2113

Tags: NSE NIFTY Analysis

Category: Market Trend Report