July 17, 2008
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NIFTY closes at 3947.2.

It has been mentioned consistently that 3800 would be tested. NIFTY tested this level as per our expectation. Similarly we mentioned $980 to $1000 as Gold's target.
Gold tested this level two days back.

NIFTY will move up or down based on fundamental triggers in the near term rather than technical charts. Other markets too have some influence on our markets. No trend for this morning.

Crude's correction augurs well. Result season will have some impact. Survival of this government, inflation, other economic data, International markets, etc will have some impact.

4054.01 to 4061.17 - Initial resistance Zone. This is the initial hurdle. Next resistance stays near 4400 levels.

4535 is medium term target for NIFTY on the upper side.

Investors, who are averse to risk avoid trading at least for 25 days. Technical analysis may not work well in this market. Markets are driven more by news than technical analysis.

Market is expected to bottom around 3550 to 3800 levels. If this level is broken, then the recovery would take more time.