June 3,2008
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NIFTY OUTLOOK - TECHNICAL ANALYSIS
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S&P NSE NIFTY Closes at 4739.60. BSE SENSEX Closes at 16,063.18.
"A high above 4957.4 or a low below 4801.90 is likely to be technical trigger for a new trend." "a low below 4720 could be expected if there is a deep correction."
These are the quotes from previous post. NIFTY has proved the same yesterday.
540 is the mentioned target for SATYAM computers. Satyam computers breached this target yesterday.
Next support levels for NIFTY stays near 4600-4630 level. This is a strong support level. Below this January low would act as the next support level.
Liberalization of ECB norms and Bond market upside revision of limits likely to have a positive impact for Indian markets in medium to long term. This is a fundamental perspective. How far will it have an impact in the present scenario is still a secret.
These measures would improve the Forex inflows, which would help rupee to appreciate, naturally encouraging FIIs to put their money in Indian markets. However, it would affect exporters and IT sector in medium to long term. This is a short sighted measure to improve economy and control inflation.
We reiterate our previous view. NIFTY is likely to test 5060 levels in medium term. So, a systematic investment plan from this level would yield good returns for positional traders. Buy in all dips. Sell them all at 5060.
NIFTY might test 5300+ levels within 9 trading sessions, if there is a good momentum.
4610 to 4630 act as support levels.
Resistance levels stay near 4982 and 5210.
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.
Charts of international gold looks good. Gold might test $980 - $1000 per troy ounce in medium to long term.
Stocks to Watch
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RELIANCE, Infosys and TCS have confirmed targets in their chart patterns.
Medium to Long term technical target
INFOSYS - Rs.2290
TCS - Rs.1160
RELIANCE - Rs.2800 to Rs.3000 level
1 comment:
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