NOV.9,06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY had a minor correction yesterday and short term support levels were broken.
Huge fund flows and huge hedge positions, near 3800, have to build in order to move near target zone of 3900.

Utmost caution should be maintained, since NIFTY has to correct considerably in order to maintain healthy momentum. Yesterday's fall was just a blip. Nothing significant has happened.

3711.05 is likely in the short to medium term.

3491.2 and 3408 is likely to be tested on the lower side. But it might not happen in the immediate future.

Immediate support lies at 3760.55.

Today's upper band lies at 3856.50. Today's lower band lies at 3547.40.

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Support Levels:
3712.60
3671.86
3597.93
3477.46
3371.13
3325.2167

Note: These views do not have any relevance to NIFTY futures.

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