April 16,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4879.65. BSE SENSEX Closes at 16,153.66.
NIFTY moved up in expected lines. Infosys results have provided some trigger, especially to IT sector which stayed as laggards. Little bit momentum in IT stocks would make their charts look more bullish. TCS looks good. It may turn fantastic, if positive momentum continues in today's session with a good higher close.
It was mentioned - "NIFTY is likely to test 4815,4915 & 4970 levels in short to medium term" in yesterday post. NIFTY has tested 4815 & 4915 in yesterday rally.
4970 - short to medium term target, is yet to be tested. On the negative side, NIFTY may suffer a huge loss,if there is a negative news or momentum. A low below 4710 is possible in short to medium term.
Crucial support level remains unbroken. NIFTY is likely to close around 5200 levels in short to medium term. 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.
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