Jan 24,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Closes at 5203.4. SENSEX Closes at 17,594.07.

NIFTY bounced back as per our expectations.

A high above 5340 is inevitable in short to medium term.

NIFTY & Sensex tested the rock bottom, likely lower levels for FY 09, as per fundamental analysis on Jan 22. They are the bottom levels to be utilised for long term buying.

As we mentioned earlier NIFTY is likely to test 6260 and 6345 levels. So, there is no need for any panic. Patience should be maintained atleast till 6250. A close near Friday's close near 5700 in medium term is imminent.

Fed cut likely to bring more inflows into Indian markets, which might have positive impact in medium to long term.

Upper Band -> 6763.52

Lower Band -> 5187.89

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