Jan 10,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 3911.40.

As said in yesterday's post a low below 3908.30(intraday) was tested. NIFTY just missed the 50 day sma by a whisker (intraday). It implies that NIFTY is still in positive terittory.

Though intraday movements were convincing, the closing was below 3919.6, the mentioned critical level(Yesterday).
Implication: A close below 3898.75 is inevitable (short to medium term).

NIFTY chart patterns have provided many clues for a correction, which might even happpen after a rally. So trade with stop losses.

A close below 3801.65 is inevitable in the medium to long term.

NIFTY charts has an indication for a new high. Anticipate new highs this month or next month.

Immediate support lies at 3858.25. Immediate resistance lies at 3988.15.

Today's upper band lies at 4071.40. Today's lower band lies at 3738.70.

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

Stocks to Watch(SHORT TO MEDIUM TERM)
SOUTH INDIAN BANK
EDUCOMP SOLUTIONS
SAGAR CEMENT