OCT 30, 06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY has finally breached all short term resistances and hit a high, after MAY correction. If this momentum is maintained, it may move up further breaching all time highs. But if it moves up further without a correction for some more days, then markets would be headed for a deep correction. Current rally is not a healthy one.

PCR OI is higher, indicating least possibility of deep correction(short term) .

An intraday low below 3540.45 (NIFTY) is likely. It may take some time.

3491.2 and 3408 are likely to be tested on the lower side.
More caution is required at these levels. Trade with strict stoplosses.

Today's upper band- 3764.90. Today's lower band- 3486.

Support Levels:
3597.90
3477.10
3371.13
3325.2167
3300.0167

Note: Views expressed here doesnot have any reliance to NIFTY futures.

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