NOV.17,06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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Indicators show positive signs for NIFTY. However, huge liquidity is required for further upmove beyond 3900. It may test yesterday's low (3863.85). NIFTY has to correct considerably in order to maintain healthy momentum. But such a correction is not in the offing(short term).

High PCR OI suggests bullishness. Even implied volatily doesnot indicate any chances for a deep correction. Nifty may even test 3838.25.

WARNING : TRADE WITH STRICT STOP LOSSES. NIFTY HAS SURGED 50% WITHOUT A SIGNIFICANT CORRECTION (2600 TO 3900).
3711.05 is likely in the medium term (6 month period).

Immediate support lies at 3820.85 and 3804.80.

Today's upper band lies at 3912.45. Today's lower band lies at 3629.85.

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Support Levels:
3712.60
3671.86
3597.93
3477.46
3371.13
3325.21

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

Stocks to Watch(SHORT TO MEDIUM TERM)

IDFC



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