July 25, 2008
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NIFTY closes at 4433.55.

"4535 is medium term target for NIFTY on the upper side." This is a quote from yesterday's post. NIFTY tested this target and retraced.

As of now, there is no significant technical trend. Inflation moderating for the first time is a good news. But crash in the asian markets don't support the momentum.
NIFTY is likely to test 4370 levels. Although the time frame is unpredictable.

Next support level lies around 4200 to 4215.

NIFTY might test 4600+ levels in medium term,if there is a good momentum.

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.