Aug 7,2008
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NIFTY closes at 4523.85. Sensex closes at 15117.25.

NIFTY yet to set a new trend. Long term chart looks rosy. Bullish momentum would help NIFTY to test 4630+ in short term. 5200+ would be the next upside target. A low below 4495 is imminent and it could be expected in short term. A high above yesterday's high - 4580 - would help further momentum.

If there is any bearishness NIFTY would test 4240 levels in medium term. Similarly, NIFTY might test 4100 if there is any bearish onslaught.

4660 to 4680 - next resistance zone. 4445 to 4465 - next support zone.

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 is technically weak as of now.