Nifty Technical Analysis 24th October 2008

Nifty Technical Analysis

Selling on higher levels to continue.

Watch out for 9574 in further panic.

Break below 9574 expect further panic towards 9000.


BSE index: (9772) Consider 9971 a nearest & 10261 a solid resistance, keep stop loss of 10261 to your sales.
Downward side break below 9681 expect it to fall down to 9574 initially which is a crucial support to watch out for.
Break below 9574 further huge panic will drag it down to 9441 & there after to 9323 & 9102.
Upward side crossover above 10261 it'll turn bit positive & surge up to 10448-10502 in a disguised manner. Consider 10502 a crucial trend decider.


Nifty Future: (2950) Consider 3000 a nearest & 3035 a solid resistance, keep stop loss of 3104 to your sales. Downward side it'll fall down further to 2892 & 2860-2830 initially. Consider 2860-2830 crucial support area from where bounce back not ruled out.
Break below 2830 it'll heavily fall down further to 2784.
Upward side crossover above 3104 it'll surge up correctively to 3194 which is a crucial trend decider.


SBI, BOB & BOI: Looks weak only. Selling on higher levels to continue.

RIL: (1216) Expect 1161 initially. Break below 1161 further fresh selling will underway.

BPCL: (301) Sell. Expect 251. Break below 251 further fresh selling will be seen.

BHARTI AIRTEL: (615) Break below 608 expect 569.


TISCO: (208) 190 a support to watch out for.

SAIL: (83) Break below 80 expect 72.

HDFC Bank: (1072) Selling on higher levels will be seen. Break below 1000 fresh selling will start.

KOTAK, AXIS & ICICI Bank: Looks weak.

PRAJ: Looks weak.


Nifty Technical Analysis by DHARMESH BHATT
Email: shivaam2003@yahoo.com
The only name in 100% pure technical analysis.