Interestingly, I have noticed that you have started taking interest in nifty technicals after all, but yaar u post your learning experience in chit-chat thread (the closed one), and dow-bow at Part 2 thread...
Please, I would like to see vice versa...
and please note one thing - every global index has its own technicals/over-bought/over-sold condition....
don't try to correlate every dow's (& EVEN SGX NIFTY's) movement with nifty's movement....
THAT'S NOT THE WAY GLOBAL MARKETS MOVE....
each index has its own support levels.... nifty jumped 40%+ from Oct 08 lows... WHY? was it because Dow did the same....!!!
What nifty had done in Oct (big downfall), dow did recently, and now it's just cooling off a bit...
correlation can be towards a general direction, but one cannot be sure of the quantum or the duration of the move...
Even i have gone thru this "dow fascination" phase - u can check my march-april 08 posts in part 1 thread)... Asish Da used to pull my ears (as a teacher) and pull my legs (if i disobeyed), and ultimately i realised that TO EARN MONEY FROM STOCK MARKET, BETTER CONCENTRATE ON THE CHARTS OF THE SCRIP WHICH YOU TRADE....
rest is nothing but time pass, and just to confirm near term direction.
By year end, i'll be happy if u post a nifty chart, with immediate support & resistance marked out.
Please, I would prefer "Sunil", instead of Sunil "sir"...