Aug 1,2008
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NIFTY closes at 4332.95. Sensex closes at 14355.75.

Asian markets are down. Inspite of good chart patternsl, external factors might infuence the markets.

NIFTY got a technical confirmation for 4365 and 4410 plus. 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.