April 17,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4887.3. BSE SENSEX Closes at 16244.19.
NIFTY has consistently closed above medium term sma, which is a positive sign. But it signalled indecisiveness yesterday. Positive momentum might stay depending upon the signals from world markets or good results season. If NIFTY crosses yesterday's high(4951.4), further bullishness could be witnessed.
Expectation of good monsoon is a positive factor along with a decent result expectations might help markets to move up in medium term.
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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