July 29, 2008
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NIFTY closes at 4332.10. Sensex closes at 14349.11.

NIFTY got a technical confirmation for 4365. So, this level should be tested in short to medium term. Buy in dips. Sell at 4365.

NIFTY would close above 4505. It is a medium term target close.

Beyond it there is no technically significant indications are available. Fall in international markets may help NIFTY to fall. 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.