Apr 1,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NSE NIFTY Closes at 4734.5. BSE SENSEX Closes at 15,644.44.

Although NIFTY had a drastic fall yesterday, a bullish signal has emerged with reference to short term sma and medium term sma. So, still our bullish stance remains. So, even a steep recovery could be witnessed in short term.

However, we prefer tomorrow's low being tested today before a bounce back happens. Yesterday's drastic fall is surprising. Market has provided an opportunity to investors for shopping.

NIFTY is likely to test 5200 levels in short to medium term.

Day charts ensure an intra day high above 4970 in short to medium term. Unless any news from external front affects the market, bullish momentum is likely to be maintained.

NIFTY is sure to test 6260 and 6345 levels in 6 to 12 months period. So, there is no need to panic. Patience should be maintained at least until 6250 is tested.

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