Dec 14,06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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A close above 50 day sma (3797.35)is required for the confirmation of next upward move. Till then bearishness prevail. However, NIFTY closed above lower band (3759.4) yesterday, which is a good sign.

This is an opportunity for the people, who are awaiting with cash to be invested. Long Term investors could start buying stocks systematically. The investments should be done systematically only. Buy in every dip. It may be difficult to exactly indicate the bottom in this sort of situations. Next fibbonacci level stays at 3510.05, which may be considered as a possible bottom.

NIFTY charts has an indication for a new high, before the fall started. It may take some time. So patience and discipline in investing would fetch decent profits. Many global funds await to invest in this market. So don't get panicked and short heavily.

Immediate support lies at 3597. Immediate resistance at 3870.95.

Today's upper band lies at 4083. Today's lower band lies at 3759.40

Support Levels:
3597.933333
3477.466667
3371.133333
3325.216667


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

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