April 8,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4761.2. BSE SENSEX Closes at 15,757.08.

As mentioned in previous post NIFTY tested day before yesterday's low and bounced back. The crucial support level remains intact. In fact it seems NIFTY is forming bases at some particular levels. Earlier NIFTY formed a base near bottom at 4450 to 4480 levels. Now around 4600 to 4630. So, these levels might confirm the bottom formation. So, these two levels might act as critical support levels and helps NIFTY to lay a strong foundation. Thanks for the Friday correction.

NIFTY has closed above medium term SMA again. It is a good sign. Still NIFTY has to move up further to gain strength.

Wait and watch until a new trigger. 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.