Dec 22,06
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 3833.50. SENSEX Close 13384.86.

As mentioned yesterday, an intraday low below 3770.55 did happen. But a close below 3801.65 is inevitable too. Even a pull back from this level is not ruled out. But the closing low mentioned should happen, before such a pull back. It would provide strength to pull back.

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 are waiting to invest in this market. So don't get panic and short heavily.

Immediate support lies at 3733.50. Immediate resistance at 3985.85.

Today's upper band lies at 4087.4192. Today's lower band lies at 3747.95.

If NIFTY closes below lower band, you can start buying systematically and buy in every dip. It would be the best strategy. Intraday long positions too are encouraged if NIFTY is 15-20 points lower than lower than lower band.

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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