Apr 3,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4754.20. BSE SENSEX Closes at 15,750.40.

NIFTY's short term SMA has consistently closed above Medium term SMA for the past few sessions, implying positive momentum to continue.

NIFTY is likely to test yesterday's high 4916.75 in short term and the same new high would be tested in the next or near term trading sessions. Similarly, 4970 would be tested in short to medium term.

We still maintain bullish stance. So, even a steep recovery could be witnessed in short term. 5010 to 5020 levels might act as resistance level. Similarly 4610 to 4630 act as support level.

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