OCT 31, 06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY has finally broken all time high (intraday). So there is virtually no resistance to stop it moving up. If the strong upward momentum continues it may cross 3800. But it may find it difficult to sustain above that level, since a large build up of longs above that level may trigger profit booking at that level.

However, utmost caution should be maintained, since NIFTY has to correct considerably in order to maintain healthy momentum.

3711.05 is likely in the short to medium term.

3491.2 and 3408 is likely to be tested on the lower side. But it might not happen in the immediate future.

Today's upper band lies at 3784.80. Today's lower band lies at 3482.80.

Support Levels:
3712.6333
3671.8667
3597.9333
3477.4667
3371.1333
3325.2167
Note: These views do not have any relevance to NIFTY futures.

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