NIFTY OUTLOOK - TECHNICAL ANALYSIS
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Huge fund flows and liquidity is required for further maintaining momentum above 3800, though underlying undertone looks bullish. If Nifty consolidtes here and huge hedge positions in puts build around 3800, the target near 3900 might be achieved.
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.
Immediate support lies at 3795.30 & 3760.55.
Today's upper band lies at 3849.15. Today's lower band lies at 3521.25.
Support Levels:
3712.60
3671.86
3597.93
3477.46
3371.13
3325.2167
Note: These views do not have any relevance to NIFTY futures.
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