July 24, 2008
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NIFTY moves as per our expectation. Sound technicals backed by sound fundamentals sound well for the market. NIFTY might test 4600+ levels in medium term. Buy in all dips. Maintain it atleast until NIFTY reaches 4500+ levlels.

Crude's correction augurs well. Outstanding crude oil futures contact numbers fell to the lowest in 17 months in New York, as the Senate began considering legislation to limit speculation in oil markets. This is a good news.

According to fundamental analysis, excluding the effect of speculation, oil should be around $80 per barrel. Crude oil would plunge steeply if it closes below $120 in New York, as per technical analysis. Else it may rebound with venom.

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