Mar 5,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Closes at 4864.25. SENSEX Closes at 16,339.89.
NIFTY faces a very critical situation. Either,it has to bounce back to form a good chart pattern or else face another spell of correction.
NIFTY could move either way with steep volatality. This is a new trend setting day.
Only if NIFTY closes above 5060 levels, further bearishness could be contained.
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 at least until 6250 is tested. A close near 5700 in medium term is imminent.
Note: These views do not have any relevance to NIFTY futures.
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