July 22, 2008
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NIFTY closes at 4159.50. Sensex closes at 13850.04.

NIFTY chart pattern looks good. However, further momentum could be derived from the political events to take place. Present chart pattern ensures 4200+ levels tested. If Government sails thru smoothly, this level can be expected today itself.

NIFTY will move up or down based on fundamental triggers in the near term rather than technical charts. Political situation might influence markets as of now.

Other markets too have some influence on our markets.

Technically NIFTY should cross 4210 in medium term.

Crude's correction augurs well. Result season will have some impact.

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

Investors, who are averse to risk avoid trading at least for 20 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.