Sep 03,2008
--------------

NIFTY closes at 4504.00. Sensex closes at 15049.86.

"If there is a bullish momentum, NIFTY could test a range around 4450." - quote from yesterday's post. Crude triggered a bullish momentum yesterday, helping NIFTY to move up. It even surpassed the target we mentioned to move up to next resistance level.

4533+, 4573 to 4590 will be the next resistance levels on the upperside. Chart patterns looks good. Yesterday's high 4522.40 would be retested. If this positive momentum continues, NIFTY could even test 5130+ levels in medium term.

4457 and 4281 are the next support levels.

If there is a bearish onslaught 4175 is possible on the lower side in medium term.