Wednesday, October 01, 2008

Oct 01,2008

NIFTY closes at 3921.20. Sensex closes at 12860.43.

Due to technical snag this blog was not updated for the past two days. However, NIFTY moved as per our expectation. It tested a new low below the previous 3790. News of new bailout package may help markets in short term to move up.

However NIFTY is likely to test another new low below 3715. This is a medium to long term outlook. It need not take place in short term.

4022 is the next resistance level.

If there is a good positive momentum NIFTY could test 4350 level in medium term.