July 23, 2008
--------------

NIFTY closes at 4240.10. Sensex closes at 14104.20.

NIFTY looks excellent. NIFTY might test 4600+ levels in medium term.

We mentioned in Yesterday post that NIFTY would test 4200+ levels. NIFTY closed well above that signifying the bullishness to follow. Political events too go well with the technical charts.

Other markets too have some influence on our markets.

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

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

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