April 15,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4777.80. BSE SENSEX Closes at 15,807.64.

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. Infosys Technologies' Guidance, might serve as the next trigger. Conservative estimate of EPS above Rs.90 for FY09, may please markets. Else, markets may look jittery initially and then wait for any other new trigger.

Crucial support level remains unbroken. NIFTY is likely to test 4815,4915 & 4970 levels in short to medium term. Similarly, NIFTY is likely to close around 5200 levels in short to medium term.

Monday's crash in Asian markets didn't get reflected in Indian indices, since it was a holiday. If INFOSYS doesn't provide any good trigger, markets may react to it today. A good result season might help market to decouple from the world markets.

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.