April 11,2008
------------

NIFTY OUTLOOK - TECHNICAL ANALYSIS
__________________________________

S&P NSE NIFTY Closes at 4733. BSE SENSEX Closes at 15,695.10.

NIFTY is consolidating for now and it is yet to set a trend. This consolidation might help NIFTY to form a second strong support base. Good base formation is very essential for long term upsurge to sustain at higher levels. Still NIFTY has to move up further to gain strength.

Wait and watch until a new trigger. Inflation data to be announced today might act as one of the triggers. Guidance given by the Infosys Technologies on April 15th, might serve as the next trigger.

Crucial support level remains unbroken. NIFTY is likely to test 4915 & 4970 levels in short to medium term. Similarly, NIFTY is likely to close around 5200 levels in short to medium term.

5010 to 5020 levels might act as resistance level. Similarly 4610 to 4630 act as support level.

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.