July 31, 2008
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NIFTY closes at 4313.55. Sensex closes at 14287.21.

NIFTY got a technical confirmation for 4365. Similarly, NIFTY might test 4100 if there is any bearish onslaught.

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

Next support level lies around 4135 to 4120.

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.