April 7,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4647. BSE SENSEX Closes at 15,343.12.

Fundamentals superseded Technicals on Friday. Chart patterns were looking good enough for a bounce back. But the inflation data played a spoilsport.

So, we've to wait until a new trigger for the next move. Friday's low might be tested again. But 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.