Jan 11,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 3850.30.

NIFTY has closed below 50 day sma and it has signalled the possible close below 3840(short to medium term).

In the previous leg of correction there was an indication for a close below 3801.65
(inevitable - short to medium term) .

NIFTY chart patterns have provided many clues for a correction.

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

Many support levels were broken and a major support lies at 3817.85. If it is broken 3810 would be tested.

our preferred view is a close below 3801.65, which would make the correction complete. Otherwise we have to expect a huge correction after a good rally.

Next resistance lies at 3922.

Today's upper band lies at 4065.6. Today's lower band lies at 3733.87.

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

Stocks to Watch(SHORT TO MEDIUM TERM)
ITC below 160