Aug 28,2008
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NIFTY closes at 4292.10. Sensex closes at 14296.79.

Don't take any long position in NIFTY unless yesterday's high around 4364 gets broken. NIFTY moved as per our expectation. A low below 4283 could be expected in short to medium term.

4400 serves as the short term resistance level. 4460 to 4480, 4573 to 4590 will be the next resistance levels on the upperside.If there is any bullish momentum NIFTY would test 4450 levels. Still 4230 to 4240 serves as the critical support level.