May 14,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4957.8. BSE SENSEX Closes at 16,752.86.

NIFTY charts are not bullish. Further downward momentum might make it test support levels.

NIFTY is likely to test 5300 levels as well. It is a medium to long term target. Similarly, a low below 4720 could be expected in short to medium term.

Strength of the charts convince that Indian equity market is still in long term bullish zone. Although, possible corrections are not denied, new bottom below January lows are ruled out.

5095.75, 5209.80 - Resistance levels.

4875, 4610 to 4630 act as support levels.

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