OCT 26, 06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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Day chart indicates a low below monday's low is imminent. A strong resistance at 3727 should be broken for further upsurge. Some profit booking may take place in RELIANCE counter, unless some operators help it to stay up. Next months PCR OI is higher, indicating least possibility of deep correction(short term) . However, it may change in the coming days.

An intraday low below 3540.45 (NIFTY) is likely. It may take some time.

3491.2 is likely to be tested on the lower side.

3408 is likely on the lower side.

More caution is required at these levels. Trade with strict stoplosses.

Today's upper band- 3740.55.
Today's lower band- 3476.55.

Support Levels:
3597.90
3477.10
3371.1333
3325.2167
3300.0167

Note: These views are with relevance to spot NIFTY. It has nothing to do with NIFTY futures.

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