Jan 4,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 4024.05. SENSEX Close 14014.92.

As mentioned in previous post NIFTY has crossed 3991.60/3997.35 and rallied upward.

A low below 3960.45 is inevitable and another low below the low that would occur, is also inevitable. This implies the possibility of lows for atleast two sessions. But need not expect the lows to occur immediately.

High PCR OI implies, remote possibility of deep correction (Deep correction is ruled out).

A close below 3801.65 is inevitable in the medium to long term.

NIFTY charts has an indication for a new high, before the fall started. Anticipate new highs this month.

Immediate support lies at 3919. NO resistance.

Today's upper band lies at 4099.23. Today's lower band lies at 3732.87.

Note: These views do not have any relevance to NIFTY futures.

Stocks to Watch(SHORT TO MEDIUM TERM)

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