July 28, 2008
--------------

NIFTY closes at 4311.85. Sensex closes at 14274.94.

Just watch the market. There is no clear cut technical indication for short term. However, bomb blasts might have some influence in the opening.

As mentioned in previous post NIFTY tested 4370. If NIFTY tests 4247 level, bearishness could be expected.

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.