Sep 18,2007
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Closes at 4494.65. Sensex Closes at 15,504.43.

As mentioned in previous post NIFTY has no trend left. So, it is consolidated waiting for some trigger. It prevented us from posting fresh.

As mentioned in previous post NIFTY is likely to test a low below 4446 and 4453 in short to medium term. It need not take place today itself.

Now the patterns doesn't suggest a definite trend. So, it is better to wait and watch. But upper band might provide some hope, although it doesnot ensure upside.

Resistance stays at 4626. support is at 4446.10, which prevented NIFTY from further downfall in last few trading sessions.

Liquidity would be the dictating factor in the days to come. It is consistently mentioned about the possible lows in this page - "possible lows below 4145, 3985 and 3800 are inevitable." As per our view NIFTY has tested 4145. Expect the rest of the lows to be tested in some future date. The time frame for them to take place is unpredictable.

Upper band -> 4688.96.

Lower band -> 4082.70.

Wide gap between upper band and lower band provides gap for higher volatility in the days to come and when a new trend or pattern emerges.

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

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