May 1,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 5165.90. BSE SENSEX Closes at 17287.31.

NIFTY closes above 200 day SMA again. Few more closes above 200 day SMA is required to assume strength in charts. NIFTY is yet to close above 5200 target levels. It'll happen. However, the time frame is unknown.

If NIFTY closes above 5285.10, then NIFTY would display an excellent chart pattern. However, no long position is encouraged for now. For intraday traders or jobbers anything beyond 5297 could be used to book profits or short.

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 5300 levels as well. It is a medium to long term target.

4875, 4610 to 4630 act as support levela.

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, 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