Jan 2,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 3966.40. SENSEX Close 13786.91.

A low below 3960.45 is inevitable and another low below the low that would occur, is also inevitable. This implies the possibility of lows for atleast two sessions. But need not expect the lows to occur immediately.

If NIFTY crosses 3991.60/3997.35, another high above it would be tested in the near future.

An intraday high above 3997.75(short term) is ineviatable.

High PCR OI implies, remote possibility of deep correction (Deep correction is ruled out).

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

NIFTY charts has an indication for a new high, before the fall started. New highs could be expected this december/january period.

Immediate support lies at 3919. NO resistance.

Today's upper band lies at 4088.7. Today's lower band lies at 3735.85.

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

Stocks to Watch(SHORT TO MEDIUM TERM)

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SHAH ALLOYS