April 28,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 5111.70. BSE SENSEX Closes at 17125.98.

NIFTY is just 40 points away from 200 day SMA. Even upper band is just few points away. So, NIFTY stays near crucial resistance levels. Fresh longs are to be avoided.

NIFTY is likely to test 5000 levels and there is a technical confirmation for these levels to be tested. Similarly, in the worst case scenario, NIFTY could test a low below 4710 levels. So, trade cautiously with strict stop loss.

NIFTY is likely to test 5200 levels. But it is very difficult to judge the time factor. NIFTY is likely to test 5300 levels as well. It is a medium to long term target.

5140 to 5180 level might serve as strong resistance level. Even NIFTY based intraday short positions at 5180 might fetch some jobbing profits. Similarly 4875, 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. Advise to Long term investors - Patience should be maintained at least until 6250 is tested.

Note: These views do not have any relevance to NIFTY futures.

Stocks to Watch
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RELIANCE, CNX IT,SATYAM and TCS have confirmed targets in their chart patterns.
Medium to Long term technical target
TCS - Rs.1160
RELIANCE - Rs.2800 to Rs.3000 level
SATYAM COMPUTERS- Rs.540